Research Desk Line-up: VOXX Intl. Post Earnings Coverage

LONDON, UK / ACCESSWIRE / June 12, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Superior Industries International, Inc. (NYSE: SUP). The Company announced on June 08, 2017, that it has priced an offering of ?250 million, aggregate principal amount of 6.00% senior notes, due 2025, in an offering exempt from obligations of the Company and are set to be guaranteed with certain exceptions, by Superior Industries' existing and future domestic subsidiaries. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Discover more of our free reports coverage from other companies within the Auto Parts industry. Pro-TD has currently selected VOXX International Corporation (NASDAQ: VOXX) for due-diligence and potential coverage as the Company announced on May 15, 2017, its financial results for Q4 FY17 and year-ended February 28, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on VOXX Intl. when we publish it.

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The Announcement

Superior Industries is one of the largest global aluminum wheel suppliers for customers serving in North American and European automotive markets. Superior increased the original size of the offering by ?10 million, where it intends to use the net proceeds from the offering of the Notes to repay all outstanding amounts under the ?240 million bridge loan, that was entered into while the purchase of outstanding shares of UNIWHEELS AG. The remaining proceeds, however, will be used to repay a portion of the existing term loan facility.

The Initial Debt Offering

On June 02, 2017, the Company announced that it intended to offer ?240 million aggregate principal amount of senior notes due 2025, in an offering exempt from the registration requirements of the Securities Act of 1933. The offering is subject to customary conditions and market temperaments where the Notes would be general unsecured obligations of the Company and will be guaranteed by the Company's existing and future subsidiaries. The Company intends to use the net proceeds of the offering to repay the same ?240 million bridge loan that was entered into a conjunction with the purchase of outstanding shares of UNIWHEELS AG.

The UNIWHEELS AG Acquisition

On March 23, 2017, Superior Industries announced that it would commence a tender offer for 100% of the outstanding shares of UNIWHEELS, where the tender offer was commenced under an agreement by the owner of 61% of the outstanding UNIWHEELS' shares. The transaction was viewed as a step to create one of the largest global providers of aluminum wheels for the automotive OEM market with a diversified customer base and geographic reach.

By leveraging the combined global manufacturing capacity of the businesses, the Companies will further create a larger platform for further investment to design and manufacture the most innovative products. The agreement offered greater scale where both the Companies could benefit from complementary R&D, engineering capabilities and process technologies that would eventually enhance overall operational efficiency.

The Company recently concluded its tender offer on May 30, 2017, to acquire the UNIWHEELS for an aggregate consideration of $714.7 million, financed through about $670 million of newly funded debt and $150 million of preferred equity. The subscription period for the tender offer expired on May 22, 2017, post which, 11,445,080 shares had been tendered validly, representing 92.3% of UNIWHEELS' shares of common stock. The combined business is set to be immediately accretive to Superior's EPS. With no manufacturing overlap, the two Companies will require minimal restructuring actions while creating long-term value for Superior Industries' shareholders. The Company anticipated $15 million in annual run-rate synergies by 2020.

Last Close Stock Review

On Friday, June 09, 2017, Superior Industries' shares were up 2.33%, finishing the day at $19.80 with volume of 197.54 thousand shares exchanging hands by the close of the trading session. For the last one month, the stock has gained 2.06%. Shares of the Company have a PE ratio of 16.81 and have a dividend yield of 1.82%. The stock currently has a market cap of $495.59 million.

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