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PNC Agents Ampco-Pittsburgh’s New $100MM Asset-Based Credit Facility

May 24, 2016, 08:01 AM
Filed Under: Manufacturing

Ampco-Pittsburgh Corporation announced the closing of a new five-year senior secured asset-based revolving credit facility of up to $100.0 million, with a $50.0 million accordion feature. For the credit facility, PNC Capital Markets LLC 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, National Association, will serve as Administrative Agent for the credit facility. K&L Gates LLP served as the Corporation’s lead counsel. Clark Hill PLC served as lead counsel for PNC Bank, National Association.

Commenting on the transaction, Mike McAuley, Ampco-Pittsburgh’s Vice President, Chief Financial Officer and Treasurer, stated, "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.”

Ampco-Pittsburgh Corporation, through its operating subsidiaries, is a leading producer of forged and cast rolls for the worldwide steel and aluminum industries as well as 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. Ampco-Pittsburgh Corporation operates manufacturing facilities in the United States, United Kingdom, Sweden, Slovenia, and China. Sales offices are located in North and South America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, PA.

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