Company: SSUP
Filing Date: 2025-07-30
Form Type: PREM14A
Source: 0001140361-25-027895
Chunk: 47

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-07-30
Form: PREM14A
Chunk 47
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 effectiveness of the amendment to the Company’s existing term loan facility to provide for the Bridge Facility, including (i) satisfaction of all applicable milestones, (ii) the provision of due diligence information reasonably satisfactory to the Term Loan Lenders, (iii) the appointment of a new independent director to the Board and (iv) the creation of a special committee of the Board, on which the new independent director must serve.

On May 6, 2025, the Board held a meeting attended by the Company’s management and representatives of each of Lazard, Weil and A&M, at which, among other things, the representatives of each of Weil and Lazard provided the Board with an update on the status of the negotiations related to the Bridge Facility commitment letter and the terms thereof, including the milestones that the Company would be required to achieve prior to the funding of the Bridge Facility. Representatives of Lazard also discussed with the Board the Company’s liquidity needs, including the fact that, absent a capital injection (the most likely source of which would be the Term Loan Lenders, given the Company’s lack of unencumbered assets, limited debt incurrence flexibility and credit profile), the Company could exhaust its liquidity in the coming weeks. The representatives of Lazard also discussed with the Board the potential reaction by the market and credit rating agencies to the disclosures that would be made in the Company’s upcoming Quarterly Report on Form 10-Q. A discussion ensued with respect to how such reaction underscored the necessity of both an immediate liquidity infusion and a transaction led by the Company’s lenders that would materially deleverage the Company’s capital structure. The Board then discussed with representatives of each of Lazard, Weil and A&M, among other things, the general terms and considerations of both an out-of-court and in-court recapitalization transaction. The Board also discussed the fact that pursuing an out-of-court transaction would maximize value for holders of the Company’s equity and debt.

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On May 7, 2025, Paul Weiss provided Weil with a draft commitment letter for the Bridge Facility, which set forth, among other things, the commitment of the term loan lenders to provide the Bridge Facility to the Company, subject to the satisfaction of certain conditions, including achievement of the milestones described above.

Between May 7, 2025 and May 11, 2025, the Company and the Term Loan Lenders, through their respective legal counsel, negotiated and finalized the Bridge Facility