Metal manufacturers Worthington Industries extended and amended its existing five-year, $500 million revolving credit facility. JPMorgan Chase and PNC Capital Markets led the bank consortium for the amendment.

Originally set to mature on April 23, 2020, the revolver was extended until February 16, 2023. Borrowings now bear interest based on a credit ratings grid and currently equal the applicable LIBOR rate plus 1.25%. The amended credit facility also contains an accordion feature that would allow it to expand by an additional $300 million from new and existing lenders on the same terms and conditions as the existing commitments. Following the amendment, the company currently has $536.8 million in combined availability under the credit facility and a $50 million accounts receivable securitization program.

Headquartered in Columbus, OH, Worthington Industries is a value-added steel processor providing customers with wide ranging capabilities, products and services for a variety of markets including automotive, construction and agriculture.