Superior Industries International closed a senior financing facility with PNC Bank. The financing strengthens Superior’s liquidity position, provides enhanced financial flexibility and establishes a committed banking relationship to support the company’s operating priorities and long-term strategic plan. The financing also provides additional capacity to execute key initiatives across Superior’s global operations while continuing to serve customers and suppliers.
“The closing of this senior financing facility marks an important milestone in strengthening Superior’s capital structure and supporting the next phase of our strategic plan,” Michael Dorah, president and CEO of Superior, said. “With enhanced liquidity and a committed banking partner, we are well positioned to invest in our operations, support our customers and suppliers, and execute our strategic priorities.”
Bobby LaRoche, managing director at Oaktree Capital Management, on behalf of Superior’s investor group, added, “We are pleased to support Superior as the company enters this next phase with enhanced liquidity and a financing partner aligned with the needs of the business. Michael and the Superior team have made meaningful progress refocusing the company on its customers, operational execution and core manufacturing strengths. We appreciate the dedication of Superior’s employees and look forward to supporting the company’s continued progress.”
Crown Partners served as exclusive financial advisors to Superior Industries in connection with the transaction. Goldberg Kohn served as legal counsel to Superior.
