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Ampco-Pittsburgh Corporation Announces Closing of Amended and Restated Credit Facility
CARNEGIE, Pa., June 27, 2025--Ampco-Pittsburgh Corporation (NYSE: AP) (the "Corporation") announced today that it has entered into an amended and restated revolving credit, term loan and security agreement (the "Credit Facility") consisting of a $100 million, five-year asset-backed revolving line of credit and a $13.5 million term loan. The proceeds from the term loan were fully utilized to reduce borrowings on the revolving portion of the Credit Facility at closing. PNC Capital Markets LLC and
About this update from Ampco-pittsburgh Corporation
[{"type":"text","content":"CARNEGIE, Pa., June 27, 2025--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) (the "Corporation") announced today that it has entered into an amended and restated revolving credit, term loan and security agreement (the "Credit Facility") consisting of a $100 million, five-year asset-backed revolving line of credit and a $13.5 million term loan. The proceeds from the term loan were fully utilized to reduce borrowings on the revolving portion of the Credit Facility at closing. 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 S&T Bank served as Lender. PNC Bank, National Association, will continue to serve as 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.","length":933,"tagName":"p"},{"type":"text","content":"Commenting on the transaction, Michael McAuley, Ampco-Pittsburgh's Senior Vice President, Chief Financial Officer, and Treasurer, stated, "We are very pleased to execute this extended and amended Credit Facility and to continue the strong relationships we have with our lenders to provide liquidity in support of our operations. This facility was structured to offer increased overall lending capacity and greater flexibility to support our global working capital requirements."","length":492,"tagName":"p"},{"type":"text","content":"About Ampco-Pittsburgh Corporation","length":34,"tagName":"p"},{"type":"text","content":"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 industries. It also manufactures open-die forged products that are sold principally 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 ma...