Universal Stainless & Alloy Products, obtained a favorable amendment to its current credit agreement which immediately lowers the company’s interest rates on its senior bank borrowing by 75 basis points and further improves its liquidity and flexibility.

There have been no changes to the financial covenants, and the company remains in compliance with all covenants.

Chairman, President and CEO Dennis Oates said, “We appreciate the further support provided to us by both PNC Bank and Bank of America Merrill Lynch in amending our ABL credit facility to reduce our go-forward interest rate, which will save Universal approximately $430,000 per annum at current borrowing levels.”

Bridgeville, PA-based Universal Stainless & Alloy Products manufactures and markets semi-finished and finished specialty steels, including stainless steel, nickel alloys, tool steel and certain other alloyed steels.