AMPCO-PITTSBURGH CORPORATION (NYSE:AP) Files An 8-K Entry into a Material Definitive Agreement

AMPCO-PITTSBURGH CORPORATION (NYSE:AP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.

Amendment to Credit Agreement

On June 23, 2020, certain subsidiaries of Ampco-Pittsburgh Corporation (the “Corporation”), Air & Liquid Systems Corporation, Union Electric Steel Corporation, Alloys Unlimited and Processing, LLC, Akers National Roll Company, Union Electric Steel UK Limited, Åkers AB and Åkers Sweden AB (collectively the “Borrowers”) entered into the Fourth Amendment (the “Amendment”) to the Revolving Credit and Security Agreement, dated May 20, 2016, as amended on October 31, 2016, on March 2, 2017, and on September 28, 2018, with certain lenders, the guarantors party thereto, including the Corporation, PNC Bank, National Association, as agent for the lenders, and the other lenders party thereto (collectively, the “Credit Agreement”).

to the Amendment, the Credit Agreement was amended to, among other things: (i) extend the Maturity Date to May 20, 2022, (ii) maintain at all times Undrawn Availability of not less than the greater of $12,500,000.00 and 12.5% of the Maximum Revolving Advance Amount, (iii) reduce the Maximum Revolving Advance Amount to (x) the difference of (a) $92,500,000.00 less, (b) solely for purposes of determining revolving advances, on any applicable date of determination, the then-applicable amount of the reserve required under the Amendment, plus (y) any increases in the Maximum Revolving Advance Amount permitted under the Credit Agreement and minus (z) any permanent reductions at the election of the Borrowers in accordance with Section 2.2(f) of the Credit Agreement and (iv) increase the interest rate to a rate per annum equal to the agreed applicable margin, which includes interest rate spreads based on available borrowing capacity that range from 2.75% and 3.25% for LIBOR-based borrowings and 1.75% and 2.25% for domestic rate borrowings. In addition, an exiting lender assigned its advances and revolving commitment to existing lenders and a new lender, M&T Bank. All other material terms, conditions, and covenants with respect to the Credit Agreement remain unchanged.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety. Any capitalized terms used in this Current Report on Form 8-K, but not defined herein have the meaning set forth in the Credit Agreement or the Amendment, as applicable.

To the extent applicable, the information included in Item 1.01 is incorporated by reference into this Item 2.03.

(d) Exhibits. The following material is filed as an exhibit to this Current Report on Form 8-K:

EX-10.1 2 d944910dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 FOURTH AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT This Fourth Amendment to Revolving Credit and Security Agreement (this “Fourth Amendment”) is dated this 23rd day of June,…
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Ampco-Pittsburgh Corporation is engaged in manufacturing and selling specialty metal products and customized equipment utilized by industry throughout the world. The Company operates through two segments: the Forged and Cast Engineered Products segment, and the Air and Liquid Processing segment. The Forged and Cast Engineered Products segment consists of Union Electric Steel Corporation (Union Electric Steel or UES) and Union Electric Steel UK Limited (UES-UK). The Air and Liquid Processing segment includes Aerofin, Buffalo Air Handling and Buffalo Pumps, all divisions of Air & Liquid Systems Corporation (Air and Liquid), a subsidiary of the Company. Union Electric Steel produces ingot and forged products that service a range of industries across the globe. UES-UK produces cast rolls for hot and cold strip mills, medium/heavy section mills and plate mills in a range of iron and steel qualities.

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