Universal Stainless enters five-year $95 million ABL credit agreement

By Wendy Van Sickle

Columbus, Ohio, Jan. 22 – Universal Stainless & Alloy Products, Inc. obtained a new five-year $95 million asset-based lending credit agreement, replacing a credit agreement that was set to expire in March, according to a Friday press release.

As with the previous credit agreement, the company’s obligations under the new credit agreement are collateralized by substantially all of the company's accounts receivables, inventory and fixed assets.

The company has a $25 million increase option under the new ABL agreement.

“The new ABL facility, combined with our recent reduction in outstanding debt, has significantly improved our flexibility going forward,” Dennis Oates, Universal Stainless chairman, president and chief executive officer, said in the release.

Universal Stainless is a Bridgeville, Pa.-based manufacturer and marketer of semi-finished and finished specialty steels, including stainless steel, tool steel and certain other alloyed steels.

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