Daily News: November 15, 2017

PNC Capital Markets Leads New $600MM Revolver for Steel Partners

Steel Partners Holdings, a diversified global holding company, entered into a new five-year, $600 million revolving credit facility with a syndicate of banks led by PNC Capital Markets. Other joint lead arrangers included Citizens Bank, SunTrust Robinson Humphrey and Wells Fargo.

The new facility will consolidate a number of the company’s existing credit facilities into a single combined facility covering substantially all Steel Partners entities, with the exception of the company’s WebBank subsidiary.

“Proceeds will be used for general corporate purposes, including working capital needs, and potential future acquisitions,” said Warren Lichtenstein, executive chairman of Steel Partners.

“Consolidating our credit facilities into one agreement allows us to reduce our borrowing rate and is in keeping with our goal of simplifying the Steel Partners’ corporate structure. It will provide us with enhanced liquidity and added flexibility, as we continue to grow the company and add value for our stakeholders.”