Worthington Industries amends $500 million revolver now due 2028

By Wendy Van Sickle

Columbus, Ohio, Sept. 28 – Worthington Industries, Inc. amended and restated its five-year revolving credit facility on Sept. 27 with PNC Bank, NA as administrative agent, according to an 8-K filed with the Securities and Exchange Commission.

The commitments remain at $500 million.

The amended agreement extends the maturity date to Sept. 27, 2028 from Aug. 20, 2026.

JPMorgan Chase Bank, NA, PNC Capital Markets LLC and BofA Securities, Inc. are joint bookrunners and joint lead arrangers. JPMorgan and Bank of America, NA are syndication agents. Citibank, NA and Huntington National Bank are co-documentation agents.

There is an incremental accordion whereby commitments can be increased in minimum increments of $10 million, up to $300 million total.

Proceeds will be used for working capital and other general corporate purposes, including capital expenditures and acquisitions.

At closing, no borrowings had been drawn on the amended agreement.

Up to $75 million of the available commitments may be used for letters of credit. Swingline loans can be up to $50 million.

Borrowings bear interest based on a grid, ranging from SOFR plus 112.5 basis points to 162.5 bps, depending on leverage ratio.

Also based on leverage ratio, Worthington will pay a facility fee that will range from 12.5 bps and 25 bps.

The metal processing company is based in Columbus, Ohio.

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