Worthington Industries Extends Existing $500 Million Revolving Credit Facility
February 19 2018 - 08:00AM
Worthington Industries, Inc. (NYSE:WOR) announced today that it has
extended its existing five-year, revolving credit facility.
The existing $500.0 million facility, which was set to mature on
April 23, 2020, has been amended and extended until February 16,
2023.
Borrowings under the amended credit facility bear interest based
on a credit ratings grid and currently equals the applicable LIBOR
rate plus 1.25%. The amended credit facility also contains an
accordion feature that would allow it to expand by an additional
$300 million from new and existing lenders on the same terms and
conditions as the existing commitments. Following the amendment,
the Company currently has $536.8 million in combined availability
under the credit facility and the Company’s $50 million accounts
receivable securitization program. The revolving credit
facility is with a consortium of banks led by JPMorgan Chase Bank,
N.A. and PNC Capital Markets LLC.
About Worthington IndustriesWorthington
Industries is a leading global diversified metals manufacturing
company with 2017 fiscal year sales of $3.0 billion.
Headquartered in Columbus, Ohio, Worthington is North America’s
premier value-added steel processor providing customers with wide
ranging capabilities, products and services for a variety of
markets including automotive, construction and agriculture; a
global leader in manufacturing pressure cylinders for propane,
refrigerant and industrial gases and for cryogenic applications,
water well tanks for commercial and residential uses, CNG and LNG
storage, transportation and alternative fuel tanks, oil & gas
equipment, and consumer products for camping, grilling, hand torch
solutions and helium balloon kits; and a manufacturer of operator
cabs for heavy mobile industrial equipment; laser welded blanks for
light weighting applications; automotive racking solutions; and
through unconsolidated joint ventures, complete ceiling grid
solutions; automotive tooling and stampings; and steel framing for
commercial construction. Worthington employs
approximately 11,000 people and operates 86 facilities in 11
countries.
Safe Harbor StatementThe Company wishes to take
advantage of the Safe Harbor provisions included in the Private
Securities Litigation Reform Act of 1995 (the “Act"). Statements by
the Company relating to its ability to increase market
participation, expand and integrate capacity, increase efficiencies
and reduce lead time, achieve growth in general and in specific
markets, and other statements which are not historical information
constitute "forward looking statements" within the meaning of the
Act. All forward-looking statements are subject to risks and
uncertainties which could cause actual results to differ from those
projected. Factors that could cause actual results to differ
materially include risks described from time to time in the
Company's filings with the Securities and Exchange
Commission.
Contacts:CATHY M. LYTTLEVP, CORPORATE COMMUNICATIONSAND INVESTOR RELATIONS614.438.3077 | cathy.lyttle@WorthingtonIndustries.comSONYA L. HIGGINBOTHAMDIRECTOR, CORPORATE COMMUNICATIONS614.438.7391 | sonya.higginbotham@worthingtonindustries.com
200 Old Wilson Bridge Rd. | Columbus, Ohio 43085WorthingtonIndustries.com
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