AFS Corporate Member Busche Performance Group (Southfield, Michigan, U.S.) announced it has secured $150 million with the completion of a senior secured credit facility.
Along with previously announced 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 OEMs,” the company said in a news release.
“The completion of the capital structure accomplishes a key planned step in the evolution of BPG,” the company said. “We are now firmly positioned to be a supplier of choice and capture market share in the highly competitive automotive supply space.”
BPG selected Wells Fargo Bank and the Direct Lending Group of TCW Asset Management Company LLC as co-lenders to provide a maximum credit amount of $150 million.
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, Busche Performance Group. “Their belief in our vision was apparent through this short, efficient fundraising process.”