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JPMorgan, PNC Amend TimkenSteel’s $300MM ABL Facility

December 22, 2015, 08:04 AM
Filed Under: Metals and Mining

TimkenSteel, a leader in customized alloy steel products and services, announced that it has completed an amendment and restatement of its revolving credit facility.

Administrative Agent JPMorgan Chase Bank, Syndication Agent PNC Bank and several other lenders are providing the Company with the ability to borrow up to $300 million through June 30, 2019. The amended credit facility has an asset-based financing structure and borrowing covenants that are better aligned with current business conditions.

TimkenSteel creates tailored steel products and services for demanding applications, helping customers push the bounds of what's possible within their industries. The company reaches around the world in its customers' products and leads North America in large alloy steel bars (up to 16 inches in diameter) and seamless mechanical tubing made of its special bar quality (SBQ) steel, as well as supply chain and steel services. Operating from five countries, TimkenSteel posted sales of $1.7 billion in 2014 and was named 2015 Steel Producer of the Year by American Metal Market.

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