Allegheny to borrow additional $100 million delayed-draw term loan

By Rebecca Melvin

New York, June 16 – Allegheny Technologies Inc. will borrow an additional $100 million delayed-draw term loan effective June 26, according to an 8-K filing with the Securities and Exchange Commission.

The delayed-draw term loan will extend through Sept. 30, 2024 and be secured in the same way as its other credit facility borrowing by each loan party’s respective accounts receivable and inventory and only to the extent related to such accounts receivable and inventory, proceeds, supporting obligations, chattel paper, documents, electronic chattel paper, general intangibles, instruments, deposit accounts, commercial tort claims and letter-of-credit rights.

The new borrowings are being made available by the company exercising its right until June 30 under its existing first amended and restated revolving, credit, term loan, delayed-draw term loan and security agreement between the company and other subsidiary guarantors and the lenders and PNC Bank NA as agent.

Allegheny Technologies is a specialty metals company based in Pittsburgh.

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