Worthington Industries Credit Agreement

Worthington Industries Inc., a leading diversified metals manufacturing company, has recently entered into a credit agreement worth $500 million. This credit agreement was signed on August 18, 2021, and is expected to provide the company with increased financial flexibility and liquidity to support its growth initiatives.

The credit agreement has been arranged with a group of lenders and includes a five-year term loan facility and a revolving credit facility. The term loan facility has a variable interest rate based on the company`s credit ratings, while the revolving credit facility has an interest rate based on a leverage ratio. The agreement also includes certain covenants and restrictions on the company`s operations and financial performance.

According to Mark Russell, Worthington`s President, and CEO, this credit agreement is a significant milestone for the company. He stated, „Our new credit agreement provides us with additional liquidity and flexibility, enhancing our ability to invest in our business and pursue growth opportunities.” He further added that this new agreement reflects the strength of the company`s balance sheet and its ability to access capital at favorable rates.

This credit agreement comes at a time when Worthington is experiencing strong demand for its products and services across various end markets. The company`s recent acquisitions and investments in its businesses have also helped to strengthen its position in the market. With this new credit agreement, Worthington is well-positioned to continue its growth trajectory and deliver value to its shareholders.

In conclusion, Worthington Industries` credit agreement is a significant development that reflects the company`s positive outlook and growth plans. This agreement provides the company with added financial flexibility and liquidity, which will help it pursue growth initiatives and invest in its businesses. With the support of its lenders, Worthington can continue to deliver value to its customers, employees, and shareholders.