Ampco-Pittsburgh closed a new five-year senior secured asset-based revolving credit facility of up to $100 million with a $50 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 syndication agent and Citizens Bank of Pennsylvania served as documentation agent. PNC Bank will serve as administrative agent for the credit facility.
K&L Gates served as the corporation’s lead counsel. Clark Hill served as lead counsel for PNC Bank.
“We are pleased to announce this important new transaction with our bank group. Although we continue to maintain a strong cash balance, this new facility provides Ampco-Pittsburgh with significantly enhanced overall corporate liquidity and the financial flexibility to pursue strategic growth initiatives,” said Mike McAuley, Ampco-Pittsburgh’s vice president, chief financial officer and treasurer.
Carnegie, PA-based Ampco-Pittsburgh, through its operating subsidiaries, is a producer of forged and cast rolls for the worldwide steel and aluminum industries and ingot and open die forged products for the oil and gas, aluminum, and plastic extrusion industries. It is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems and centrifugal pumps.