Summary
Allegheny Technologies Incorporated (ATI) announced on June 13, 2003, the arrangement of a new $325 million senior secured revolving credit facility. This facility, which matures in four years and is syndicated by PNC Capital Markets, Inc. and J. P. Morgan Securities, Inc., replaces an existing $250 million unsecured facility. The new credit facility is secured by the company's accounts receivable and inventory, and will be utilized for general corporate purposes, including the issuance of letters of credit. Importantly, ATI has confirmed that there are currently no outstanding borrowings under either the new or the previous credit facility. This indicates a strong liquidity position and a proactive approach to managing its financial flexibility.
Key Highlights
- 1ATI has secured a new $325 million, four-year senior secured revolving credit facility.
- 2The new facility replaces a previous $250 million unsecured facility.
- 3The credit facility is syndicated by PNC Capital Markets, Inc. and J. P. Morgan Securities, Inc.
- 4The new facility is secured by accounts receivable and inventory.
- 5Funds from the facility will be used for general corporate purposes and letters of credit.
- 6There are currently no outstanding borrowings under either the new or the former credit facility, suggesting strong liquidity.