AMPCO-PITTSBURGH CORPORATION (NYSE:AP) Files An 8-K Entry into a Material Definitive Agreement
Item1.01.
| Entry into a Material Definitive Agreement. |
Amendment to Credit Agreement
On March2, 2017, Ampco-Pittsburgh Corporation and its
subsidiaries Air Liquid Systems Corporation, Union Electric Steel
Corporation, Alloys Unlimited and Processing, LLC, Akers National
Roll Company, Union Electric Steel UK Limited, ASW Steel Inc.
(ASW Steel), kers AB and kers Sweden AB (collectively the
Corporation) entered into a Second Amendment (the Amendment) to
the Revolving Credit and Security Agreement, dated May20, 2016,
as amended on October31, 2016, with certain lenders, the
guarantors party thereto, PNC Bank, National Association, as
administrative agent, and the other agents party thereto
(collectively, the Credit Agreement).
to the Amendment, the Credit Agreement was amended to, among
other things: (i)add ASW Steel and kers AB as borrowers under the
Credit Agreement, (ii)reduce the European sublimit from
$25,000,000 to $15,000,000 and (iii)add a Canadian sublimit of
$15,000,000.
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 incorporated herein by reference as Exhibit
10.1.
| Item2.03. |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant |
The description of the terms of the Amendment set forth above in
Item1.01 is incorporated by reference into this Item2.03.
| Item9.01. | Financial Statements and Exhibits. |
| (d) |
Exhibits. The following exhibits are furnished herewith: |
|
Exhibit Number |
||
| 10.1 |
Second Amendment to Revolving Credit and Security Agreement, dated March 2, 2017, by and among the Corporation and PNC Bank, National Association, as administrative agent, and certain lenders, the guarantors, and the other agents party thereto. |
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About AMPCO-PITTSBURGH CORPORATION (NYSE:AP)
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. AMPCO-PITTSBURGH CORPORATION (NYSE:AP) Recent Trading Information
AMPCO-PITTSBURGH CORPORATION (NYSE:AP) closed its last trading session up +0.20 at 14.65 with 21,826 shares trading hands.
