Worthington Industries announced it has amended its five-year, revolving credit facility, increasing the commitments under the facility by $75 million, to a total of $500 million. The final maturity of the credit facility was also extended by three years to April 2020.

The revolving credit facility is with a consortium of banks led by J.P. Morgan Securities and PNC Capital Markets.

Borrowings under the amended credit facility bear interest based on a credit ratings grid and currently equals the applicable LIBOR rate plus 1.25%. The amended credit facility also contains an accordion feature that would allow it to expand by an additional $200 million from new and existing lenders on the same terms and conditions as the existing commitments.

Following the amendment, the company currently has $435.2 million in combined availability under the credit facility and the company’s accounts receivable securitization program.

“This revolver amendment provides additional capital and increased flexibility, while locking in attractive rates for an extended period of time,” executive vice president and CFO Andy Rose said. “It provides us with ample liquidity to continue our balanced approach to capital allocation including capital investment, dividends, share repurchases and acquisitions.”