Wheeling-Pittsburgh gets $225 million revolver

By Sara Rosenberg

New York, July 11 - Wheeling-Pittsburgh Steel Corp. closed on a new $225 million four-year revolving credit facility, according to a company news release.

Royal Bank of Canada and GE Commercial Finance acted as agents on the deal.

The new revolver refinances the company's previous facility and provides for increased borrowing advance rates on certain collateral and lower borrowing and unused line fee rates, among other improvements.

"We are pleased that our banks have recognized the improved credit profile of Wheeling-Pitt and the value of our new unique hybrid steel producer operating configuration," said Michael P. DiClemente, treasurer, in the release. "The enhancements to the credit agreement will allow us to realize reductions in interest expense and fees, and provide us with a working capital facility for approximately three years beyond our prior arrangement."

Wheeling-Pittsburgh is a Wheeling, W.Va.-based steel company.

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