Northwest Pipe Announces Credit Agreement
October 15 2008 - 6:00PM
Marketwired
Northwest Pipe Company (NASDAQ: NWPX) announced today that it has
entered into an Amended & Restated Credit Agreement with a
syndicate of lenders led by Bank of America and including Union
Bank of California, HSBC and U.S. Bank. The Agreement provides the
Company with a revolving line of credit of $150,000,000 maturing on
May 31, 2012.
Borrowings under the agreement will be used for working capital
and general corporate purposes. The agreement also permits the
company to request increases in the revolving loan commitments of
up to $50,000,000 for a total credit facility of up to
$200,000,000, subject to agreement of the lenders.
Brian W. Dunham, President and CEO of Northwest Pipe Company,
stated that, "Completion of this agreement provides the Company
with a secure source of financing over the next few years. This
agreement demonstrates our banking group's recognition of the
Company's past performance as well as their confidence in our
future prospects."
Northwest Pipe Company will release its third quarter earnings
on October 22, 2008.
Northwest Pipe Company manufactures welded steel pipe and other
products in two business groups. Its Water Transmission Group is
the leading supplier of large diameter, high-pressure steel pipe
products that are used primarily for water infrastructure in North
America. Its Tubular Products Group manufactures smaller diameter
steel pipe for a wide range of applications including construction,
agricultural, energy, traffic and other commercial and industrial
uses. The Company is headquartered in Vancouver, Washington and has
ten manufacturing facilities across the United States and
Mexico.
This release contains forward-looking statements about the
credit agreement, including explicit and implied statements by Mr.
Dunham regarding the future use and availability of funds under the
credit agreement. These statements reflect management's current
information about the credit agreement mentioned above and
management's current views and estimates of future economic and
market circumstances, industry conditions and Company performance.
Actual results could vary materially from the description contained
herein due to many factors including economic trends, interest rate
fluctuations, and the company's ability to meet financial covenant
contained in the credit agreement due to factors affecting the
company such as market demand, operating efficiencies, availability
and price of raw materials, and other risks described from time to
time in the Company's reports to the Securities and Exchange
Commission.
For more information, contact: Brian Dunham 360-397-6250
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