SOUTHFIELD—Superior Industries International Inc. (NYSE:SUP), a supplier of lightweight alumninum wheels to the United States and Eurpean markets, announced it had refinanced its term loan and revolving credit lines.
Funds managed by Los Angeles-based Oaktree Capital Management L.P. provided the capital for a new $400 million senior secured term loan maturing Dec. 15, 2028.
Also, J.P. Morgan Chase Bank is agent for a new $60 million revolving credit facility maturing Dec. 15, 2027. The new revolving credit facility includes the ability for the company to obtain additional commitments to increase the amount borrowed 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,” said Superior president and CEO Majdi Abulaban. “As we look forward, we remain laser-focused on extending our momentum and advancing our growth strategy to drive shareholder value.”
More at www.supind.com.
Oaktree is an investment manager with $163 billion in assets under management as of Sept. 30, investing in credit, private equity, real assets, and listed equities. The firm has over 1,000 employees and offices in 20 cities worldwide. More at www.oaktreecapital.com.