Ampco-Pittsburgh Corporation (NYSE: AP) Announces Closing of Amended and Restated Credit Facility
July 01 2021 - 4:30PM
Business Wire
Ampco-Pittsburgh Corporation (NYSE: AP) (the "Corporation")
announced today that it has entered into an amended and restated
credit agreement (the "Credit Facility") consisting of a $100
million, five-year asset-backed revolving line of credit with a $30
million accordion feature.
For the Credit Facility, PNC Capital Markets LLC and F.N.B.
Capital Markets served as Joint Lead Arrangers, First National Bank
of Pennsylvania served as Lender and Syndication Agent, and M&T
Bank served as Lender and Documentation Agent. PNC Bank, National
Association, will continue to serve as Administrative Agent for the
Credit Facility. Clark Hill PLC served as lead counsel for PNC
Bank, National Association. Cozen O'Connor PC served as the
Corporation's lead counsel.
Commenting on the transaction, Michael McAuley,
Ampco-Pittsburgh's Senior Vice President, Chief Financial Officer,
and Treasurer, stated, "We are very pleased with this extended and
amended credit agreement and to continue the strong relationships
we have with our lenders to provide liquidity in support of market
recovery and growth as well as our strategic initiatives. This
facility offers increased lending capacity and significantly
greater flexibility at a lower cost for the Corporation going
forward. It also helps facilitate our capital expenditure plans for
plant modernization, manufacturing efficiency improvement, and
expanded production capacity. The Corporation's liquidity position
is presently very solid and, with this facility, will become even
stronger."
About Ampco-Pittsburgh Corporation
Ampco-Pittsburgh Corporation manufactures and sells highly
engineered, high-performance specialty metal products and
customized equipment utilized by industry throughout the world.
Through its operating subsidiary, Union Electric Steel Corporation,
it is a leading producer of forged and cast rolls for the global
steel and aluminum industry. It also manufactures open-die forged
products that principally are sold to customers in the steel
distribution market, oil and gas industry, and the aluminum and
plastic extrusion industries. The Corporation is also a producer of
air and liquid processing equipment, primarily custom-engineered
finned tube heat exchange coils, large custom air handling systems,
and centrifugal pumps. It operates manufacturing facilities in the
United States, United Kingdom, Sweden, Slovenia, and participates
in three operating joint ventures located in China. It has sales
offices in North and South America, Asia, Europe, and the Middle
East. Corporate headquarters is located in Carnegie,
Pennsylvania.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 (the "Act")
provides a safe harbor for forward-looking statements made by or on
behalf of Ampco-Pittsburgh Corporation (the "Corporation"). This
press release may include, but is not limited to, statements about
operating performance, trends, events that the Corporation expects
or anticipates will occur in the future, statements about sales and
production levels, restructurings, the impact from global pandemics
(including COVID-19), profitability and anticipated expenses,
future proceeds from the exercise of outstanding warrants, and cash
outflows. All statements in this document other than statements of
historical fact are statements that are, or could be, deemed
"forward-looking statements" within the meaning of the Act and
words such as "may," "will," "intend," "believe," "expect,"
"anticipate," "estimate," "project," "forecast" and other terms of
similar meaning that indicate future events and trends are also
generally intended to identify forward-looking statements.
Forward-looking statements speak only as of the date on which such
statements are made, are not guarantees of future performance or
expectations, and involve risks and uncertainties. For the
Corporation, these risks and uncertainties include, but are not
limited to: cyclical demand for products and economic downturns;
excess global capacity in the steel industry; fluctuations of the
value of the U.S. dollar relative to other currencies; increases in
commodity prices or shortages of key production materials;
consequences of global pandemics (including COVID-19); changes in
the existing regulatory environment; new trade restrictions and
regulatory burdens associated with "Brexit"; inability of the
Corporation to successfully restructure its operations; limitations
in availability of capital to fund the Corporation's operations and
strategic plan; inoperability of certain equipment on which the
Corporation relies; work stoppage or another industrial action on
the part of any of the Corporation's unions; liability of the
Corporation's subsidiaries for claims alleging personal injury from
exposure to asbestos-containing components historically used in
certain products of those subsidiaries; inability to satisfy the
continued listing requirements of the New York Stock Exchange or
NYSE American; failure to maintain an effective system of internal
control; potential attacks on information technology infrastructure
and other cyber-based business disruptions; and those discussed
more fully elsewhere in this report and in documents filed with the
Securities and Exchange Commission by the Corporation, particularly
in Item 1A, Risk Factors, in Part I of the Corporation's latest
Annual Report on Form 10-K. The Corporation cannot guarantee any
future results, levels of activity, performance or achievements. In
addition, there may be events in the future that the Corporation
may not be able to predict accurately or control which may cause
actual results to differ materially from expectations expressed or
implied by forward-looking statements. Except as required by
applicable law, the Corporation assumes no obligation, and
disclaims any obligation, to update forward-looking statements
whether as a result of new information, events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210701005891/en/
Melanie L. Sprowson Director, Investor Relations (412) 429-2454
msprowson@ampcopgh.com
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