A.M. Castle to repay revolver with funds from inventory sale

By Marisa Wong

Morgantown, W.Va., Feb. 23 – A.M. Castle & Co. will use proceeds from an inventory sale to reduce borrowings outstanding under its revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

On Monday the company announced it completed a sale of inventory from its Edmonton and Houston facilities that primarily service oil and gas industries. Net proceeds are expected to be about $27.5 million.

A.M. Castle is a distributor of specialty metal and plastic products, value-added services and supply-chain services based in Oak Brook, Ill.

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