Worthington Steel entered a new $550 million secured asset-based revolving credit facility led by Wells Fargo on June 25, 2026, to support the Klöckner acquisition and general corporate needs. The facility includes an uncommitted $200 million accordion and an additional committed increase option before a specified date, and it matures on June 25, 2031. Concurrently, the company terminated its November 30, 2023 PNC-led revolver, releasing all related security interests. The refinancing is expected to enhance liquidity and align borrowing capacity with strategic priorities.
New agreement details:
- Agreement type: Secured asset-based revolving credit facility
- Counterparty: Wells Fargo, as Agent, and other lenders
- Signed / Effective: Jun 25 2026 / Jun 25 2026
- Duration / Termination: Through Jun 25 2031
- Reason: Refinance revolver and fund Klöckner acquisition
Terminated agreement details:
- Agreement terminated: Secured revolving credit and security agreement
- Counterparty: PNC Bank, as Agent, and other lenders
- Original agreement date: Nov 30 2023
- Termination date: Jun 25 2026
- Termination type: Early
- Reason: Replaced by new ABL facility led by Wells Fargo
Original SEC Filing:
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