Ampco-Pittsburgh entered into an amended and restated revolving credit, term loan and security agreement consisting of a $100 million, five-year asset-backed revolving line of credit and a $13.5 million term loan. The proceeds from the term loan were fully utilized to reduce borrowings on the revolving portion of the credit facility at closing.
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 S&T Bank served as lender. PNC Bank will continue to serve as agent for the credit facility. Clark Hill served as lead counsel for PNC Bank. Cozen O’Connor PC served as the corporation’s lead counsel.
“We are very pleased to execute this extended and amended credit facility and to continue the strong relationships we have with our lenders to provide liquidity in support of our operations,” Michael McAuley, senior vice president, chief financial officer and treasurer of Ampco-Pittsburgh, said. “This facility was structured to offer increased overall lending capacity and greater flexibility to support our global working capital requirements.”
