Wheel Pros has reached a new agreement with a majority of its lenders to establish a new money term loan, a refinancing and exchange of existing debt and a maturity extension of its asset-based lending facility, the company announced.
The restructured agreement will provide Wheel Pros, parent company of Fuel-Off-Road, American Racing, KMC, Rotiform and Black Rhino, with liquidity and reduce its total debt, the company said. All existing lenders will be offered the opportunity to participate in the transaction.
“We are excited about this outcome, as this transaction allows the company to reduce total debt and fortify its balance sheet with additional cash to operate the business and continue delivering the best quality products and services to our customers,” said Randy White, CEO, at Wheel Pros. “We would like to thank everyone involved for their continued partnership and agreement to execute this transaction, which we believe will allow us to continue developing Wheel Pros as the leading aftermarket platform for auto enthusiasts.”