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Worthington ups revolver to $500 million, extends and amends terms
By Tali Rackner
Norfolk, Va., April 23 – Worthington Industries, Inc. increased the commitments under its five-year revolving credit facility to $500 million from $425 million and extended the maturity by three years to April 2020, according to a press release.
Current interest is at Libor plus 125 basis points, and it ranges based on the company’s credit ratings.
The amended credit facility also contains an accordion feature that would allow it to expand by an additional $200 million.
J.P. Morgan Securities LLC and PNC Capital Markets LLC led the deal.
Worthington currently has $435.2 million in combined availability under the credit facility and its accounts receivable securitization program.
Worthington is a Columbus, Ohio-based metal processing company.
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