Worthington Industries amends and restates revolver now due 2026

Chicago, Aug. 25 – Worthington Industries, Inc. amended and restated its revolving credit facility on Aug. 20 with PNC Bank, NA as administrative agent, according to an 8-K filed with the Securities and Exchange Commission.

The amended agreement extends the maturity date to Aug. 20, 2026 from Feb. 16, 2023.

The $500 million aggregate commitment remained the same.

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 credit-ratings grid, ranging from Libor plus 102.5 basis points to 140 bps. There is a 0% Libor floor.

Also based on ratings, Worthington will pay a facility fee that will initially be 12.5 bps. The facility fee will range between 10 bps and 22.5 bps.

JPMorgan Chase Bank, NA and Bank of America, NA are syndication agents.

U.S. Bank NA, Wells Fargo Bank, NA and Huntington National Bank are documentation agents.

Joint bookrunners and joint lead arrangers were JPMorgan Chase Bank, NA, PNC Capital Markets LLC and Bank of America, NA.

Worthington Industries International Sarl was removed as borrower under the agreement.

The metal processing company is based in Columbus, Ohio.

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