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Worthington extends existing $500M revolving credit facility.

Worthington Industries (WOR) announced that it has extended its existing five-year, revolving credit facility. The existing $500M facility, which was set to mature on April 23, 2020, has been amended and extended until February 16, 2023. Borrowings under the amended credit facility bear interest based on a credit ratings grid and currently equals the applicable LIBOR rate plus 1.25%. The amended credit facility also contains an accordion feature that would allow it to expand by an additional $300M from new and existing lenders on the same terms and conditions as the existing commitments. Following the amendment, the company currently has $536.8M in combined availability under the credit facility and the company's $50M accounts receivable securitization program. The revolving credit facility is with a consortium of banks led by JPMorgan (JPM) and PNC (PNC).

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Publication:The Fly
Date:Feb 19, 2018
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