Ampco-Pittsburgh restates $100 million asset-backed revolver

By Wendy Van Sickle

Columbus, Ohio, July 1 – Ampco-Pittsburgh Corp. entered into an amended and restated revolving credit and security agreement with agent PNC Bank, NA on June 29 that provides for a $100 million senior secured asset-based revolver with a $30 million accordion feature, according to an 8-K filing with the Securities and Exchange Commission.

There is a $40 million sublimit for letters of credit and a $30 million sublimit for European borrowings.

The credit agreement will remain in effect until June 29, 2026.

Borrowings bear interest at Libor plus a margin ranging from 200 basis points and 250 bps.

Borrowers include Air & Liquid Systems Corp., Union Electric Steel Corp., Alloys Unltd. and Processing, LLC, Akers National Roll Co., Union Electric Steel UK Ltd., Akers AB and Akers Sweden AB.

The corporation must maintain a certain level of excess availability or otherwise maintain a minimum fixed-charge coverage ratio of not less than 1.05 to 1.00.

PNC Capital Markets LLC is the bookrunner and a joint lead arranger along with F.N.B. Capital Markets.

First National Bank of Pennsylvania is a syndication agent.

Proceeds may be used to repay existing debt and for working capital, acquisitions and capital expenditures.

The Pittsburgh company produces forged and cast rolls for the steel and aluminum industries.

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