SOUTHFIELD, Mich., Sept. 28, 2018 /PRNewswire/ -- Busche Performance Group (BPG) is pleased to announce that it has secured $150 million US with the completion of a senior secured credit facility. Along with the previously announced substantial equity infusion from its shareholder group, BPG has now completed its planned capital structure. This will materially strengthen the Company's balance sheet, enhance its working capital position, and create opportunity for future growth. In addition, this action further supports the Board's vision of continuing to build BPG into a strategically-relevant, supplier-of-choice for the global OEM's.
BPG has selected Wells Fargo Bank and the Direct Lending Group of TCW Asset Management Company LLC ("TCW") as Co-Lenders to provide a maximum credit amount of $150 million US. Wells Fargo will serve as the administrative agent and lead arranger for the revolving credit portion of the facility, while TCW will serve as the administrative agent and lead arranger for the term loan portion of the facility.
"We are proud to be working with Wells Fargo and TCW," said Joe Perkins, CEO of Busche Performance Group. "Their belief in our vision was apparent through this short, efficient fund-raising process. With the support of all of our stakeholders, BPG now turns its full attention to growth, innovation, and driving customer satisfaction. The strength of our capital structure provides the foundation for further casting and machining capacity as we drive innovative light-weighting solutions and distinguish ourselves as a leader in casting and precision machining technology."
"The completion of the capital structure accomplishes a key planned step in the evolution of BPG," said The Chairman of the Board of Directors. "We are now firmly positioned to be a supplier of choice and capture market share in the highly competitive automotive supply space."
About Busche Performance Group
Busche Performance Group is one of the largest vertically integrated casting and machining suppliers of high quality chassis components in North America. As a leader in the design and manufacturing of complex and safety-critical aluminum castings and associated precision machining found in automotive systems such as chassis, suspension, engine, and driveline, along with agricultural, construction, industrial and refrigeration markets. BPG's annual revenues are approaching $400 million, the company employs nearly 1500 people in 16 facilities in Indiana, Ohio, Michigan and Alabama.
For More information, visit our web site at www.buschegroup.com
SOURCE Busche Performance Group