ATI Completes Asset Based Lending Revolving Credit Facility Agreement
September 24 2015 - 8:51AM
Business Wire
Allegheny Technologies Incorporated (NYSE:ATI) today announced
that it has closed on the previously announced Asset Based Lending
(ABL) Revolving Credit Facility that replaces its $400 million
revolving credit facility. The five-year $400 million ABL facility
is collateralized by the accounts receivable and inventory of ATI’s
domestic operations.
Compared to ATI’s previous revolving credit facility, the ABL
facility contains no leverage or interest coverage ratios, and the
borrowing costs are expected to be lower. There is no impact on
ATI’s outstanding bonds as a result of replacing the previous
facility with the ABL facility.
“The new ABL facility helps secure our solid liquidity
position,” said Pat DeCourcy, Senior Vice President, Finance and
CFO. “We are pleased to have received strong support on the new
facility from our banking group.”
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on management’s current
expectations and include known and unknown risks, uncertainties and
other factors, many of which we are unable to predict or control,
that may cause our actual results, performance or achievements to
materially differ from those expressed or implied in the
forward-looking statements. Additional information concerning
factors that could cause actual results to differ materially from
those projected in the forward-looking statements is contained in
our filings with the Securities and Exchange Commission. We assume
no duty to update our forward-looking statements.
Creating Value Thru Relentless Innovation®
Allegheny Technologies Incorporated is one of the largest and
most diversified specialty materials and components producers in
the world with revenues of approximately $4.3 billion for the
twelve months ended June 30, 2015. ATI has approximately 9,600
full-time employees world-wide who use innovative technologies to
offer global markets a wide range of specialty materials solutions.
Our major markets are aerospace and defense, oil and gas/chemical
process industry, electrical energy, medical, automotive, food
equipment and appliance, and construction and mining. The ATI
website is www.ATImetals.com.
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Allegheny Technologies IncorporatedDan L. Greenfield,
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