Company: SSUP
Filing Date: 2025-06-06
Form Type: 8-K
Source: 0001193125-25-137093
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Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-06-06
Form: 8-K
Item: Item 1.01
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Item 1.01.      Entry into a Material Definitive Agreement.  

On June 4, 2025, Superior Industries International, Inc. (the “ Company”) entered into an amendment (the “ Term Loan Amendment”) to its existing Amended and Restated Credit Agreement, dated as of August 14, 2024 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the effectiveness of the Term Loan Amendment, the “ Existing Term Loan Agreement” and, the Existing Term Loan Agreement as amended by the Term Loan Amendment, the “ Term Loan Agreement”), by and among, inter alios, the Company, the lenders from time to time party thereto, Oaktree Fund Administration, LLC, as administrative agent, and JPMorgan Chase Bank, N. A., as collateral agent, pursuant to which, among other things, the Amendment No. 2 Delayed Draw Term Lenders (as defined in the Term Loan Amendment) party thereto agreed to provide an incremental $70,000,000 delayed draw term loan facility (the “ Delayed Draw Term Facility”), of which $10,000,000 was funded on June 4, 2025 and the remainder of which will be funded in accordance with the terms and conditions of the Term Loan Agreement, including, among other things (i) the provision of certain diligence information reasonably satisfactory to the lenders and (ii) achievement of certain business milestones, including, among other things (a) remaining in certain bidding processes and (b) receiving assurances from certain customers satisfactory to the lenders that such customers will maintain their existing relationships with the Company.

The Delayed Draw Term Facility bears interest at a variable rate based on term SOFR (with a 3.50% per annum floor) plus 8.00%. Undrawn amounts under the Delayed Draw Term Facility will be subject to a commitment fee of 0.50% per annum. The Delayed Draw Term Facility is subject to the covenants and events of default set forth in the Term Loan Agreement. Any repayment or prepayment of the Delayed Draw Term Facility will be subject to a 5.00% fee on the amounts so repaid or prepaid.

The Term Loan Amendment also effected certain amendments to the terms of the existing Amendment and Restatement Date Term Loans (as defined in the Term Loan Agreement) under the Term Loan Agreement, including, among other things, to (i) permit the payment of interest thereon in kind and (ii) waive amort