Company: SSUP
Filing Date: 2025-05-12
Form Type: 8-K
Source: 0000950170-25-068532
Chunk: 1

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-05-12
Form: 8-K
Item: Item 8.01
Chunk 1
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Item 8.01 Other Events

On May 12, 2025, Superior entered into a commitment letter (the “ Commitment Letter”) with the lenders (or the relevant fund managers therefor) under its existing term loan facility (together, the “ Commitment Lenders”), pursuant to which, subject to the terms and conditions therein, the Commitment Lenders agreed to, among other things (x) provide a one-year secured delayed draw term facility in an aggregate principal amount of $70,000,000 (the “ Bridge Facility”) under Superior’s existing term loan facility and (y) provide financial covenant waivers and other financial accommodations.

The availability of the Bridge Facility is subject to the terms and conditions set forth in the Commitment Letter, including, among other things, (i) the provision of certain diligence information reasonably satisfactory to the Commitment Lenders, (ii) achievement of certain business milestones, including, among other things (a) the delivery of executed agreements with certain customers relating to awarded business, (b) remaining in certain bidding processes and (c) receiving assurances from certain customers satisfactory to the Commitment Lenders that such customers will maintain their existing relationships with the Company, (iii) certain governance changes in connection with the recapitalization transaction and (iv) entry into definitive documentation satisfactory to the Commitment Lenders.

The Bridge 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 Bridge Facility will be subject to a commitment fee of 0.50% per annum. The Bridge Facility is also subject to certain covenants and events of default. Any repayment or prepayment of the Bridge Facility will be subject to a 5.00% fee on the amounts so repaid or prepaid.