Superior Industries Refinances Loan, Redeems Senior Notes; Shares Rise 8%

01:04 PM EDT, 08/15/2024 (MT Newswires) -- Superior Industries International (SUP) said Thursday that it is refinancing its senior secured term loan and redeeming 217.1 million euros ($238.4 million) worth of its outstanding 6% senior notes due 2025.

The company also said it amended its existing revolving credit agreement.

Funds managed by Oaktree Capital Management, as well as Eldridge Industries, Blue Torch Capital, TCW Private Credit Group and Arini provided the capital to upsize the existing senior secured term loan from $394 million to $520 million, the company said.

The funds will be used toward redeeming all of the senior notes, pay related fees and expenses, and for general corporate purposes, the company said

Superior Industries' shares rose by more than 8% in recent trading.

Price: 3.28, Change: +0.24, Percent Change: +7.89