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Transaction provides Wheel Pros with enhanced liquidity, reduced total debt and a maturity extension of its ABL facility
DENVER, Sept. 22, 2023 /PRNewswire/ -- Wheel Pros, Inc. ("Wheel Pros" or the "Company") today closed its previously announced comprehensive transaction. In total, 99.7% of existing term loan lenders participated in the transaction by providing the Company with $235 million of "new money" term loans and exchanging at a discount nearly all of the $1.154 billion existing term loans for new term loans. The transaction also included an exchange of existing unsecured notes into new subordinated notes and a maturity extension of its ABL facility.
Houlihan Lokey, Inc. served as exclusive financial advisor and Kirkland & Ellis LLP served as exclusive legal advisor to the Company.
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About Wheel Pros
Founded in 1994, Wheel Pros serves the automotive enthusiast industry with a wide selection of vehicle enhancements from its portfolio of lifestyle brands, including Fuel-Off-Road, American Racing, KMC, Rotiform and Black Rhino. Utilizing its expanding global network of distribution centers spanning North America, Australia and Europe, Wheel Pros serves over 16,500 retailers and has a growing ecommerce presence to provide enthusiast consumers with access to the products they desire. More information is available at www.wheelpros.com.
Media Contacts
For Wheel Pros:
Max Krapff
Backbone Media
970.658.5252 ext. 1174
[email protected]
SOURCE Wheel Pros
DENVER, Sept. 22, 2023 /PRNewswire/ -- Wheel Pros, Inc. ("Wheel Pros" or the "Company") today closed its previously announced comprehensive transaction. In total, 99.7% of existing term loan lenders participated in the transaction by providing the Company with $235 million of "new money" term loans and exchanging at a discount nearly all of the $1.154 billion existing term loans for new term loans. The transaction also included an exchange of existing unsecured notes into new subordinated notes and a maturity extension of its ABL facility.
Houlihan Lokey, Inc. served as exclusive financial advisor and Kirkland & Ellis LLP served as exclusive legal advisor to the Company.
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About Wheel Pros
Founded in 1994, Wheel Pros serves the automotive enthusiast industry with a wide selection of vehicle enhancements from its portfolio of lifestyle brands, including Fuel-Off-Road, American Racing, KMC, Rotiform and Black Rhino. Utilizing its expanding global network of distribution centers spanning North America, Australia and Europe, Wheel Pros serves over 16,500 retailers and has a growing ecommerce presence to provide enthusiast consumers with access to the products they desire. More information is available at www.wheelpros.com.
Media Contacts
For Wheel Pros:
Max Krapff
Backbone Media
970.658.5252 ext. 1174
[email protected]
SOURCE Wheel Pros
Filed Under: Business
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