A. M. Castle & Co. announces closing of expanded credit facility

A. M. Castle & Co., a global distributor of specialty metal and supply chain solutions, said Friday that it has closed an expansion of its existing credit facility to increase its borrowing capacity by $25 million.

Specifically, Castle, based in Oak Brook, reached an agreement with its first lien lender, PNC Bank National Association, to provide the additional borrowing capacity under its existing first lien credit facility.

The expanded Credit Facility provides for an additional $25 million last out Revolving B borrowing capacity made available in part by way of a participation in the Credit Facility by certain of the Company's stockholders.

President and CEO Steve Scheinkman commented, "The expanded credit facility will immediately increase Castle's liquidity, enhancing the company's ability to serve and grow with our customers' businesses, as well as by our ability to capitalize on strengthening volumes, end markets, and pricing. Moreover, the enhanced liquidity will allow us to evaluate additional capital expenditure and strategic opportunities. We appreciate this strong showing of support by our stockholders and PNC."