A. M. Castle & Co. (OTCQB: CASL) closed a definitive agreement for new credit facilities of $112 million, which the company intends to use to repay outstanding borrowings and support the continuance of letters of credit, totaling $53.2 million under a former revolving loan and security agreement. “These new credit facilities will enhance Castle’s liquidity and better position the Company to advance its ongoing efforts to capitalize on market opportunities. We are excited to have the support of the financial institutions funding the Credit Facilities,” Castle president and CEO Steve Scheinkman stated in the news release.
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About A. M. Castle & Co.
Founded in 1890, A. M. Castle & Co. is a global distributor of specialty metal and supply chain services, principally serving the producer durable equipment, commercial aircraft, heavy equipment, industrial goods, construction equipment, and retail sectors of the global economy. Its customer base includes many Fortune 500 companies as well as thousands of medium and smaller sized firms spread across a variety of industries. It specializes in the distribution of alloy and stainless steels; nickel alloys; aluminum and carbon. Together, Castle and its affiliated companies operate out of 21 metals service centers located throughout North America, Europe and Asia. For more information visit the company’s website at https://www.castlemetals.com/
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