PNC Agents Universal Stainless Amendment
Universal Stainless & Alloy Products announced it has amended its credit agreement with PNC Bank serving as administrative agent for a syndicate of banks.
The company said it has amended its agreement to give it more flexibility and to better manage the current cyclicality of its markets. The agreement provides an allowance for specific capital expenditures that will not be included in the fixed charge calculation through the third quarter of 2013. In addition, the agreement lowers the minimum fixed charge coverage ratio and raises the maximum permitted leverage ratio, with a new pricing tier, through June 30, 2014.
Bridgeville, PA-based Universal Stainless & Alloy Products manufactures and markets semi-finished and finished specialty steels, including stainless steel, tool steel and certain other alloyed steels.