Superior Industries International, a global light vehicle aluminum wheel supplier for OEMs and the European aftermarket, has announced the refinancing of its term loan and revolving credit facilities.
Funds managed by Oaktree Capital Management L.P. provided the capital for a new $400 million senior secured term loan maturing Dec. 15, 2028.
J.P. Morgan Chase Bank is agent for a new $60 million revolving credit facility maturing on Dec. 15, 2027. The new revolving credit facility includes the ability for the company, at its option, to obtain additional commitments to upsize the facility to $110 million.
“Superior remains well-positioned to drive profitable growth, and this refinancing is a testament to our recent financial performance and long-term earnings power of our business. We are excited about our new partnership with Oaktree and are pleased to have extended our existing relationship with J.P. Morgan,” said Majdi Abulaban, president and CEO. “As we look forward, we remain laser-focused on extending our momentum and advancing our growth strategy to drive shareholder value.”
“We are excited to partner with Superior. With its low-cost manufacturing footprint, broad portfolio of premium wheel finishes and talented global workforce, Superior is the best-in-class supplier of premium wheels to the North American and European automotive markets. As the global automotive market recovers, we believe Superior is poised to expand its product offering and gain wallet-share with new and existing customers,” said Robert LaRoche, senior vice president of Oaktree.
Lazard served as financial advisor to Superior.