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Superior Industries has reduced debt by $114 million in the past year
By Devika Patel
Knoxville, Tenn., Nov. 4 – Superior Industries International Inc. has reduced debt by $114 million in the last year, with $12 million of net debt eliminated last quarter.
“The cash initiatives we executed enabled us to reduce net principal debt by $12 million during the quarter versus the prior year,” president and chief executive officer Majdi Abulaban said on the company’s third quarter ended Sept. 30 earnings conference call on Monday.
“We have reduced net debt by $114 million, a very strong result, over the past 12 months,”
The company repurchased €7 million of its 6% senior unsecured notes in the quarter.
“During the quarter, Superior repurchased €7 million of face value of its 6% senior unsecured notes on the open market for €5.9 million, resulting in a pretax net gain of $1 million, which is included in other income and has been deducted to arrive at our adjusted EBITDA,” executive vice president and chief financial officer Matti Masanovich said on the call.
“The repurchase of our senior unsecured notes and other debt payments resulted in a total reduction of $12.4 million in debt principal during the quarter,” Masanovich said.
The company's adjusted EBITDA was $38.9 million for the third quarter of 2019, compared to $30.6 million in the prior period.
Superior has available liquidity of over $250 million as of the end of the quarter.
As of the end of the third quarter, the company’s net leverage was approximately 3.3x, down nearly half a turn from the prior-year period.
Superior Industries is a Southfield, Mich.-based manufacturer of aluminum wheels for passenger cars and light-duty vehicles.
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