UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q/A

 

Amendment No. 1

 

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 27, 2015

 

Commission file number: 1-6615

 

SUPERIOR INDUSTRIES INTERNATIONAL, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware   95-2594729
(State or Other Jurisdiction of Incorporation or Organization)   (I.R.S. Employer Identification No.)
     
26600 Telegraph Road, Suite 400    
Southfield, Michigan   48033
(Address of Principal Executive Offices)   (Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (248) 352-7300

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes   þ     No   o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes   þ     No   o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer  o       Accelerated Filer  þ       Non-Accelerated Filer  o       Smaller Reporting Company  o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes   o     No   þ

Number of shares of common stock outstanding as of October 29, 2015: 26,292,409

 

TABLE OF CONTENTS

 

    Page
EXPLANATORY NOTE   2
SIGNATURES   3
EX. 10.2    
EX. 31.1    
EX. 31.2    
 

EXPLANATORY NOTE

 

This Form 10-Q/A constitutes Amendment No. 1 to the Quarterly Report on Form 10-Q of Superior Industries International, Inc. (the “Company”) for the period ended September 27, 2015, originally filed with the Securities and Exchange Commission (the “SEC”) on November 4, 2015 (the “Original Filing”). We are filing this Amendment No. 1 to our Quarterly Report on Form 10-Q solely to file the Consent and Amendment No. 2 dated as of October 14, 2015 to the Credit Agreement dated as of December 19, 2014, by and among Superior Industries International, Inc., the Lenders from time to time party thereto and JP Morgan Chase Bank, N.A., as Administrator as Exhibit 10.2, which was inadvertently omitted from the Original Filing. This Amendment No. 1 speaks as of the original filing date of the Original Filing and does not reflect events occurring after the filing date of the Original Filing, or modify or update the disclosures therein in any way other than as required to reflect the amendment described above. Additionally, in connection with the filing of this Amendment No. 1, the Company is including new certifications of the Company’s chief executive officer and chief financial officer pursuant to Rule 13a-14(a) of the Exchange Act. The Company is not including certifications pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as no financial statements are being filed with this Amendment No. 1.

 

Item 6.  Exhibits

 

10.2   Consent and Amendment No. 2 dated as of October 14, 2015 to the Credit Agreement dated as of December 19, 2014, by and among Superior Industries International, Inc., the Lenders from time to time party thereto and JP Morgan Chase Bank, N.A., as Administrator (filed herewith).
31.1   Certification of Donald J. Stebbins, Chief Executive Officer and President, Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as Adopted Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 (filed herewith).
31.2   Certification of Kerry A. Shiba, Executive Vice President and Chief Financial Officer, Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as Adopted Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 (filed herewith).
32.1*   Certification of Donald J. Stebbins, Chief Executive Officer and President, and Kerry A. Shiba, Executive Vice President and Chief Financial Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
101*   Interactive data file (furnished electronically herewith pursuant to Rule 406T of Regulation S-T).

 

*Previously filed.

2

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

SUPERIOR INDUSTRIES INTERNATIONAL, INC.

(Registrant)

 

Date: November 10, 2015   /s/ Donald J. Stebbins
    Donald J. Stebbins
    Chief Executive Officer and
President
     
Date: November 10, 2015   /s/ Kerry A. Shiba
    Kerry A. Shiba
    Executive Vice President and Chief
Financial Officer
3

Exhibit 10.2

 

EXECUTION COPY

 

CONSENT AND AMENDMENT NO. 2

 

Dated as of October 14, 2015

 

to

 

CREDIT AGREEMENT

 

Dated as of December 19, 2014

 

THIS CONSENT AND AMENDMENT NO. 2 (this “ Amendment ”) is made as of October 14, 2015 by and among Superior Industries International, Inc., a Delaware corporation (the “ Borrower ”), the financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (the “ Administrative Agent ”), under that certain Credit Agreement dated as of December 19, 2014 by and among the Borrower, the Lenders and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “ Credit Agreement ”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.

 

WHEREAS, the Borrower has requested that the requisite Lenders and the Administrative Agent grant their consent to the Specified Transactions (as defined below) in respect of certain provisions of the Credit Agreement and agree to certain amendments to the Credit Agreement;

 

WHEREAS, the Borrower, the Lenders party hereto and the Administrative Agent have so agreed on the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Amendment.

 

1. Consent . The Borrower has notified the Administrative Agent and the Lenders that the Borrower wishes to undertake a number of related transactions, as outlined in the transaction step plan attached as Exhibit B hereto (including any revisions thereto approved in writing by the Required Lenders, the “ Step Plan ”), in connection with the restructuring of the organization of its Subsidiaries in order to achieve certain tax and other organizational objectives desired by the Borrower (all the steps outlined in the Step Plan being referred to herein as the “ Specified Transactions ”), and the Borrower has requested that, notwithstanding anything contained in the Credit Agreement, the Lenders agree that the Specified Transactions shall be disregarded for purposes of determining the Borrower’s compliance with Section 6.03 of the Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 3 below, the Administrative Agent and the Lenders party hereto hereby agree that the Specified Transactions shall be disregarded for purposes of determining the Borrower’s compliance with Section 6.03 of the Credit Agreement (and, for the avoidance of doubt, the Administrative Agent and the Lenders party hereto hereby confirm the following consents immediately prior to the consummation of the Specified Transactions: (i) consent to the release of Superior Industries International Asset Management, Inc. (“ SIIAM ”) from its obligations under the Subsidiary Guaranty in accordance with Section 9.15(b) of the Credit Agreement, (ii) consent to the release of SIIAM from its obligations under the Security Agreement in accordance with Section 8.14.3 of the Security Agreement (and, for the avoidance of doubt,

 

consent to the conversion of SIIAM to a Delaware limited liability company and waive the requirements set forth in Section 4.1.7 of the Security Agreement or elsewhere in the Credit Agreement solely with respect to such conversion) and (iii) consent to the release of the Borrower from its obligations under the Equity Interest Pledge Agreement dated February 13, 2015 with respect to the Equity Interests owned by the Borrower in Superior Industries de México, S. de R.L. de C.V. and Superior Industries Trading de México, S. de R.L. de C.V.). This specific consent applies only to the Specified Transactions and only for the express circumstances described above. This specific consent shall not be construed to constitute (i) a waiver of any other event, circumstance or condition or of any other right or remedy available to the Administrative Agent or any Lender pursuant to the Credit Agreement or any other Loan Document or (ii) a course of dealing or a consent to any departure by the Borrower from any other term or requirement of the Credit Agreement.

 

2. Amendments to the Credit Agreement . Effective as of the date of satisfaction of the conditions precedent set forth in Section 3 below, the parties hereto agree that the Credit Agreement is hereby amended as follows:

 

(a) Section 1.01 of the Credit Agreement is hereby amended by deleting the definition of “Change of Control” and substituting in lieu thereof the following:

 

Change in Control ” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Borrower; (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were neither (i) nominated, or whose nomination or election was approved, by the board of directors of the Borrower nor (ii) appointed by directors so approved or nominated; or (c) the acquisition of direct or indirect Control of the Borrower by any Person or group.

 

(b) Section 6.03(a)(v) of the Credit Agreement is restated in its entirety as follows:

 

(v) (i) any Subsidiary may sell, transfer, lease or otherwise dispose of its assets to a Loan Party and (ii) any Subsidiary that is not a Loan Party may sell, transfer, lease or otherwise dispose of its assets to another Subsidiary that is not a Loan Party;

 

(c) Section 6.03(a)(viii) of the Credit Agreement is restated in its entirety as follows:

 

(viii) any Loan Party may sell or transfer Equity Interests in any Subsidiary owned by such Loan Party (any such Subsidiary a “ Transferred Subsidiary ”) to a wholly owned Subsidiary that is not a Loan Party; provided that no such sale or transfer shall be permitted under this Section 6.03(a)(viii) unless the Transferred Subsidiary proposed to be so sold or transferred, when taken together with all previous Transferred Subsidiaries sold or transferred in reliance on this Section 6.03(a)(viii), contributed an aggregate amount of less than ten percent (10%) of Consolidated EBITDA and contributed an aggregate amount of less than ten percent (10%) of Consolidated Total Assets at the time of the sale or transfer of such Transferred Subsidiary (it being understood and agreed that, for any Transferred Subsidiary, the amount of Consolidated EBITDA and Consolidated Assets contributed by it shall be determined as of the last day of the most recent fiscal quarter for which financial statements shall have been delivered pursuant to Section 5.01(a) or Section 5.01(b) (or, prior to the delivery of any such financial statements, the last day of the last fiscal quarter included in the financial statements referred to in Section 3.04(a)) at the time of the sale or transfer of such Transferred Subsidiary);

2

3. Conditions of Effectiveness . The effectiveness of this Amendment is subject to the conditions precedent that the Administrative Agent shall have received (i) counterparts of this Amendment duly executed by the Borrower, the Required Lenders and the Administrative Agent, (ii) counterparts of the Consent and Reaffirmation attached as Exhibit A hereto duly executed by the Subsidiary Guarantors and (iii) payment and/or reimbursement of the Administrative Agent’s and its affiliates’ fees and expenses (including, to the extent invoiced, reasonable and documented fees and expenses of counsel for the Administrative Agent) in connection with the Loan Documents.

 

4. Representations and Warranties of the Borrower . The Borrower hereby represents and warrants as follows:

 

(a) This Amendment and the Credit Agreement as modified hereby constitute legal, valid and binding obligations of the Borrower and are enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

(b) As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default or Event of Default has occurred and is continuing and (ii) the representations and warranties of the Borrower set forth in the Credit Agreement, as amended hereby, are true and correct, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date.

 

5. Reference to and Effect on the Credit Agreement .

 

(a) Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.

 

(b) Each Loan Document and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

 

(c) Except with respect to the subject matter hereof, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection therewith.

 

(d) This Amendment is a Loan Document under (and as defined in) the Credit Agreement.

 

6. Governing Law . This Amendment shall be construed in accordance with and governed by the law of the State of New York.

 

7. Headings . Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

3

8. Counterparts . This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy, e-mailed.pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment.

 

[Signature Pages Follow]

4

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective authorized officers as of the day and year first above written.

 

      SUPERIOR INDUSTRIES INTERNATIONAL, INC.,
      as the Borrower
       
      By:  Kerry A. Shiba
      Name: Kerry A. Shiba
      Title: Exec. VP & CFO

 

Signature Page to Consent and Amendment No. 2 to
Credit Agreement dated as of December 19, 2014
Superior Industries International, Inc.

 
      JPMORGAN CHASE BANK, N.A.,
      individually as a Lender and as Administrative Agent
       
      By:  Ling Li
      Name: Ling Li
      Title: Vice President

 

Signature Page to Consent and Amendment No. 2 to
Credit Agreement dated as of December 19, 2014
Superior Industries International, Inc.

 
      WELLS FARGO BANK, NATIONAL ASSOCIATION,
      as a Lender
       
      By:  Anthony Pena
      Name: Anthony Pena
      Title: Senior Vice President
 

EXHIBIT 31.1
CERTIFICATION
PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a),
AS ADOPTED PURSUANT TO
SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

 

I, Donald J. Stebbins, certify that:

 

1 I have reviewed this Amendment No. 1 to the Quarterly Report on Form 10-Q of Superior Industries International, Inc. (“Amendment No. 1”);
   
2 Based on my knowledge, this Amendment No. 1 does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Amendment No. 1.

 

Date: November 10, 2015 /s/ Donald J. Stebbins
    Donald J. Stebbins
Chief Executive Officer and
President
 

EXHIBIT 31.2
CERTIFICATION
PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a),
AS ADOPTED PURSUANT TO
SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

 

I, Kerry A. Shiba, certify that:

 

1 I have reviewed this Amendment No. 1 to the Quarterly Report on Form 10-Q of Superior Industries International, Inc. (“Amendment No. 1”);
   
2 Based on my knowledge, this Amendment No. 1 does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Amendment No. 1.

 

Date: November 10, 2015 /s/ Kerry A. Shiba
    Kerry A. Shiba
Executive Vice President and
Chief Financial Officer