CARNEGIE, Pa .– (COMMERCIAL THREAD) – Ampco-Pittsburgh Corporation (NYSE: AP) (the âCompanyâ) announced today that it has entered into an Amended and Restated Credit Agreement (the âCredit Facilityâ) consisting of a $ 100 million, asset-backed five-year revolving line of credit with an accordion feature of $ 30 million.
For the credit facility, PNC Capital Markets LLC and FNB Capital Markets acted as joint lead arrangers, First National Bank of Pennsylvania acted as lender and syndication agent, and M&T Bank was the lender and documentation agent. PNC Bank, National Association, will continue to serve as administrative agent for the credit facility. Clark Hill PLC was Senior Counsel for PNC Bank, National Association. Cozen O’Connor PC was the Company’s lead counsel.
Commenting on the transaction, Michael McAuley, Senior Vice President, Chief Financial Officer and Treasurer of Ampco-Pittsburgh, said: âWe are very pleased with this extended and amended credit agreement and to continue the strong relationships we have with our lenders. to provide liquidity to support market recovery and growth as well as our strategic initiatives. This facility provides increased lending capacity and significantly greater flexibility at a lower cost to the Company in the future. It also helps facilitate our capital expenditure plans for plant modernization, and increased production capacity. The Company’s liquidity position is currently very strong and, with this installation, it will become even more solid.
About Ampco-Pittsburgh Corporation
Ampco-Pittsburgh Corporation manufactures and sells specialty high-tech, high-performance metal products and custom equipment used by industry around the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rollers for the global steel and aluminum industry. It also manufactures open die forged products which are primarily sold to customers in the steel distribution market, the oil and gas industry, and the aluminum and plastic extrusion industries. The Company is also a producer of air and liquid handling equipment, primarily custom designed 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 is involved in three operating joint ventures located in China. It has sales offices in North and South America, Asia, Europe and the Middle East. The head office is located in Carnegie, PA.
The Private Securities Litigation Reform Act of 1995 (the âActâ) provides a safe haven for forward-looking statements made by or on behalf of Ampco-Pittsburgh Corporation (the âCompanyâ). This press release may include, without limitation, statements about operating performance, trends, events that the Company expects or anticipates to occur in the future, statements about sales levels and production, restructurings, the impact of global pandemics (including COVID-19), profitability and planned spending, future revenues from the exercise of outstanding warrants and cash outflows. All statements contained in this document other than statements of historical fact are statements which are, or could be, considered as “forward-looking statements” within the meaning of the Law and words such as “may”, “will”, ” intention “” believe “,” expect “,” anticipate “,” estimate “,” project “,” foresee “and other terms of similar meaning which 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, do not constitute guarantees of future performance or expectations and involve risks and uncertainties. For the Company, these risks and uncertainties include, but are not limited to: cyclical product demand and economic downturns; excess global capacity in the steel industry; fluctuations in the value of the US dollar against other currencies; raw material price increases 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”; the inability of the Company to successfully restructure its operations; the limitations on the availability of capital to finance the operations and the strategic plan of the Company; the inoperability of certain equipment on which the Company relies; work stoppage or other industrial action by one of the Company’s unions; the liability of the Company’s subsidiaries for claims alleging bodily injury resulting from exposure to components containing asbestos historically used in certain products of these subsidiaries; failure to meet the continuous 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 disruption to cyber activity; and those discussed in more detail elsewhere in this report and in documents filed with the Securities and Exchange Commission by the company, in particular in Item 1A, Risk Factors, in Part I of the Company’s latest annual report on Form 10-K. The Company cannot guarantee any future result, level of activity, performance or achievement. In addition, there may be events in the future that the Company may not be able to accurately predict or control, which could cause actual results to differ materially from the expectations expressed or implied by forward-looking statements. Except as required by applicable law, the Company assumes no obligation, and disclaims any obligation, to update any forward-looking statements, whether as a result of new information, events or otherwise.