Company: SSUP
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034599
Chunk: 55

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 55
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 economic factors, many of which are beyond our control. In the event we are unable to meet these financial covenants and other obligations, we would need to consider several options to meet our cash flow and other operational needs. Such options may include one or more refinancing or  restructuring initiatives and/or other cost reductions, sales of assets, reductions or delays to capital spending, and/or other alternatives to enhance our financial and operating position. However, there can be no assurance that such actions, if any, will be successfully implemented or achieve expected benefits.  

Capital expenditures relate to improving production quality and efficiency and extending the useful lives of our existing equipment, and expenditures for new product offerings, as well as expanded capacity for existing products. During 2025, we expect that capital expenditures will be between $30.0 million and $40.0 million, of which $12.2 million has been committed under outstanding purchase orders as of December 31, 2024. 

As of December 31, 2024 our primary sources of liquidity include the following (in millions):

    Available Liquidity

    Cash and cash equivalents (1)
     
    $
    39.7

    Unused commitments on the revolving credit facility (2)

    42.5

    Minimum contractual liquidity per the Credit Agreement

    (37.5
    )

    Total available liquidity
     
    $
    44.7

(1)   Reduced by restricted cash at December 31, 2024 of $0.4 million.

(2)   Reduced by outstanding letters of credit at December 31, 2024 of $17.5 million.

As of December 31, 2024, we had no outstanding borrowings under the Revolving Credit Facility and unused commitments of $42.5 million, which have been reduced for outstanding letters of credit of $17.5 million.  

Subsequent to December 31, 2024,we prepaid $2.2 million in principal for the Term Loan Facility (subsequently defined) under one of the mandatory prepayment provisions as discussed in more detail below.

Senior Secured Credit Facilities

A summary of our senior secured credit facilities at December 31, 2024 are as follows (amounts in thousands):

    December 31, 2024

    Principal

    Carrying Value

    Senior Secured Credit Facilities:

    Revolving Credit Facility

    $
    -

    $
    -

    Term Loan Facility

    $
    518,700