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BMO Harris Bank Agents $150MM Revolving Credit Facility for Synalloy

January 20, 2021, 07:51 AM
Filed Under: Specialty Industries

Synalloy Corporation entered into a new, four-year revolving credit facility that provides up to $150 million of borrowing capacity. The new facility was provided by BMO Harris Bank, N.A. as Agent and sole lender.

The new facility matures on January 15, 2025 and replaces and terminates the previous $100 million revolving facility that was scheduled to mature on December 21, 2021 and the $20 million term loan facility scheduled to mature on February 1, 2024.

“This refinancing expands Synalloy’s access to capital on very favorable terms,” said Chris Hutter, Synalloy’s interim Chief Executive Officer. “The new facility strengthens our balance sheet and provides greater financial flexibility as we invest in the long-term growth of our company and execute on our strategy to deliver value to all of our stakeholders.”

In addition to a lower interest rate on borrowings and a meaningful increase in borrowing capacity, the Company is not required to maintain any financial covenants so long as available borrowings do not fall below a threshold amount.

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