Synalloy refinanced and increased its asset-based ABL facility with Branch Banking and Trust from $45 million to $65 million. The ABL will be used to finance working capital needs and as a source for funding future acquisitions.
President and CEO Craig Bram said, “Including our November dividend payment, we expect to end the year with net debt in the range of $21 million to $22 million. The expanded credit facility will allow the company to fund high ROI capital projects within our current operating units and to pursue larger acquisition opportunities.”
Synalloy engages in a number of diverse business activities including the production of stainless steel pipe, fiberglass and steel storage tanks and specialty chemicals and the master distribution of seamless carbon pipe and tubing.