Worthington Industries, Inc. Amends and Restates Its Existing Five-Year, Revolving Credit Facility
August 25, 2021 at 04:06 pm EDT
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On August 20, 2021, Worthington Industries, Inc. amended and restated its existing five-year, revolving credit facility. The aggregate commitments under the amended and restated revolving credit facility remain at $500 million. The final maturity of the revolving credit facility was extended from February 16, 2023 to August 20, 2026. The Third Amended and Restated Credit Agreement, dated as of August 20, 2021, was entered into among the Registrant, as a Borrower; PNC Bank, National Association, as a Lender, the Swingline Lender, an Issuing Bank and Administrative Agent; JPMorgan Chase Bank, N.A. and Bank of America, N.A., as Lenders and Syndication Agents; U.S. Bank National Association, Wells Fargo Bank, National Association, The Huntington National Bank, Fifth Third Bank, National Association, The Northern Trust Company and BMO Harris Bank, N.A., as Lenders (collectively with PNC Bank, National Association, JPMorgan Chase Bank, N.A. and Bank of America, N.A., the “Lenders”); and Truist Bank (as successor to Branch Banking and Trust Company), as a Departing Lender (the “Departing Lender”); with U.S. Bank National Association, Wells Fargo Bank, National Association and The Huntington National Bank serving as Co-Documentation Agents; and JPMorgan Chase Bank, N.A., PNC Capital Markets LLC and Bank of America, N.A. serving as Joint Bookrunners and Joint Lead Arrangers. The Third Amended and Restated Credit Agreement provides that up to $75 million of the available commitments may be used for letters of credit for the benefit of the Registrant, representing the same maximum available letter of credit commitments under the Existing Credit Agreement. On August 20, 2021, the Registrant had no outstanding letters of credit issued under the Third Amended and Restated Credit Agreement.
Worthington Enterprises Inc. is a designer and manufacturer of brands that enable people to live safer, healthier and more expressive lives. The Company operates through three businesses: building products, consumer products and sustainable energy solutions. The comprehensive portfolio of building products includes heating and cooling solutions, specialized construction products, water systems, ceiling solutions, and metal framing options. The consumer products include tools, outdoor living and celebrations categories sold under brand names Balloon Time, Bernzomatic, Coleman, Garden-Weasel, General, HALO, Hawkeye, Level5 Tools, Mag Torch, Pactool International and Well-X-Trol. The sustainable energy solutions offer on-board fueling systems and services, as well as gas containment solutions and services for the storage, transport, and distribution of industrial gases, supporting the growing hydrogen ecosystem and adjacent sustainable energies like compressed natural gas.