Ampco-Pittsburgh Corporation Announces the Closing of New Credit Facility
May 23 2016 - 04:45PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) today announced the
closing of a new five-year senior secured asset-based revolving
credit facility of up to $100.0 million (the “Credit Facility”),
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.”
About Ampco-Pittsburgh Corporation
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, Pennsylvania.
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and may include, but are not limited to,
statements about sales levels, restructuring, profitability and
anticipated synergies, expenses and cash outflows. All
forward-looking statements involve risks and uncertainties. All
statements contained herein that are not clearly historical in
nature are forward-looking, and words such as "believe,"
"anticipate," "expect," "estimate," "may," "will," "should,"
"continue," "plans," "intends," "likely," or other similar words or
phrases are generally intended to identify forward-looking
statements. Any forward-looking statement contained herein, in
other press releases, written statements or documents filed with
the Securities and Exchange Commission, or in Ampco-Pittsburgh
Corporation communications with and discussions with investors and
analysts in the normal course of business through meetings, phone
calls and conference calls, regarding expectations with respect to
sales, earnings, cash flows, operating efficiencies, product
introduction or expansion, the benefits of acquisitions and
divestitures or other matters as well as financings and repurchases
of debt or equity securities, are subject to known and unknown
risks, uncertainties and contingencies. Many of these risks,
uncertainties and contingencies are beyond our control, and may
cause actual results, performance or achievements to differ
materially from anticipated results, performance or achievements.
Factors that might affect such forward-looking statements, include,
among other things general economic and business conditions, demand
for Ampco-Pittsburgh’s goods and services, competitive conditions,
interest rate and foreign currency rate fluctuations, availability
of key raw materials and unfavorable resolution of claims against
the Corporation, as well as those discussed more fully elsewhere in
this release and in documents filed with the Securities and
Exchange Commission by Ampco-Pittsburgh, particularly our latest
annual report on Form 10-K and subsequent filings. Any
forward-looking statements in this release speak only as of the
date of this release, and we undertake no obligation to update any
forward-looking statement to reflect events or circumstances after
that date or to reflect the occurrence of unanticipated events.
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version on businesswire.com: http://www.businesswire.com/news/home/20160523006455/en/
Ampco-Pittsburgh CorporationMelanie L. Sprowson,
412-429-2454Director, Investor Relationsmsprowson@ampcopgh.com
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