Universal Stainless & Alloy Products amended and restated its five-year $120 million asset-based lending credit agreement with PNC Bank. The new agreement includes a revolving credit facility of $105 million and increases the term loan facility to $15 million.

The company’s obligations under the amended and restated credit agreement continue to be collateralized by substantially all of the company’s accounts receivables, inventory and fixed assets. The new credit agreement will expire in March 2026.

The amended and restated credit agreement supersedes the company’s prior ABL credit agreement with PNC Bank, which was scheduled to expire in August 2023.

In conjunction with this amendment, the company repaid its $15 million seller note obligation, which was established in connection with the acquisition of the North Jackson, OH facility.

Dennis Oates, chairman, president and chief executive officer, said: “This agreement enhances our financial flexibility to support our current growth and long-term strategic initiatives. Market conditions have continued to improve throughout the year, and we are encouraged by both the positive momentum in market demand and the pace of our order entry activity. We continue to execute on our strategic initiatives aimed at expanding our product capabilities and continued cost reduction. Lastly, this amendment also provides interest expense savings, as the amended agreement provides for decreased interest rates compared to the North Jackson seller note obligation.”

Universal Stainless & Alloy Products, established in 1994 and headquartered in Bridgeville, PA, manufactures and markets semi-finished and finished specialty steels, including stainless steel, nickel alloys, tool steel and certain other alloyed steels.