Worthington Industries extends $500 million revolver to February 2023

By Sarah Lizee

Olympia, Wash., Feb. 20 – Worthington Industries, Inc. extended its existing $500 million five-year revolving credit facility to Feb. 16, 2023 from April 23, 2020, according to a press release.

Borrowings bear interest based on a credit ratings grid, and the rate currently equals Libor plus 125 basis points.

There is a $300 million accordion feature from new and existing lenders on the same terms and conditions as the existing commitments.

Following the amendment, the company currently has $536.8 million in combined availability under the credit facility and its $50 million accounts receivable securitization program.

The revolver is with a consortium of banks led by JPMorgan Chase Bank, NA and PNC Capital Markets LLC.

The metal processing company is based in Columbus, Ohio.

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