Superior to Be Bought by Term Loan Investors, Including Oaktree

Superior Industries International agreed to be acquired by a group of its term loan investors including Oaktree Capital Management.

• Investors will convert a significant portion of their term loans into equity
  • Will convert as much as $550m of term loan claims into 96.5% of the common equity of an indirect parent company of the surviving entity
  • Existing revolving credit facility and factoring facilities will remain in place
• Stockholders will get $3.1m in cash; preferred stockholders will get $6.2m in cash and 3.5% of the new equity
• Deal will cut funded debt by nearly 90% from $982m to $125m
• Transactions to ...