J.P. Morgan Securities, PNC Lead $425MM Facility for Worthington
Worthington Industries executed a new $425 million five year revolving credit facility. The new revolving credit facility was syndicated with a consortium of banks led by J.P. Morgan Securities LLC and PNC Bank. The new facility replaces the company’s existing $400 million revolving credit facility which was set to mature in May 2013 and provides for facility commitments to May 2017. The facility may be used to fund general corporate purposes including working capital, capital expenditures, acquisitions, share repurchases, and dividends.
Worthington Industries is a diversified metals manufacturing company with 2011 fiscal year sales of approximately $2.4 billion.