Ampco-Pittsburgh entered into an amended and restated credit agreement consisting of a $100 million, five-year asset-backed revolving line of credit with a $30 million accordion feature.
For the credit facility, PNC Capital Markets and F.N.B. Capital Markets served as joint lead arrangers, First National Bank of Pennsylvania served as lender and syndication agent and M&T Bank served as lender and documentation agent. PNC Bank will continue to serve as administrative agent for the credit facility. Clark Hill served as lead counsel for PNC Bank. Cozen O’Connor served as Ampco-Pittsburgh’s lead counsel.
“We are very pleased with this extended and amended credit agreement and to continue the strong relationships we have with our lenders to provide liquidity in support of market recovery and growth as well as our strategic initiatives,” Michael McAuley, senior vice president, CFO and treasurer at Ampco-Pittsburgh, said. “This facility offers increased lending capacity and significantly greater flexibility at a lower cost for the corporation going forward. It also helps facilitate our capital expenditure plans for plant modernization, manufacturing efficiency improvement and expanded production capacity. The corporation’s liquidity position is presently very solid and, with this facility, will become even stronger.”
