Steel Partners Holdings L.P., a diversified global holding company, announced it has amended and extended its credit agreement with a syndicate of banks led by PNC Bank, National Association. The new five-year, $600 million, revolving credit facility covers substantially all SPLP entities, with the exception of Steel Partners’ WebBank subsidiary. The credit facility includes:
“Extending our credit agreement for an additional five years provides us with enhanced liquidity and added flexibility, as we continue to grow Steel Partners and add value for all stakeholders.”
- $50 million sub-facility for swing line loans,
- $50 million sub-facility for standby letters of credit, and
- $75 million currency sub-limit (available in euros and pounds sterling).
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Additionally, Steel Partners is permitted, under certain circumstances, to increase the facility by at least $300 million.
“Proceeds from the credit facility will be used for general corporate purposes, including working capital needs and potential future acquisitions and investments,” said Warren Lichtenstein, Executive Chairman of Steel Partners. “Extending our credit agreement for an additional five years provides us with enhanced liquidity and added flexibility, as we continue to grow Steel Partners and add value for all stakeholders.”
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About Steel Partners Holdings L.P.
Steel Partners Holdings L.P. is a diversified global holding company that owns and operates businesses and has significant interests in leading companies in various industries, including diversified industrial products, energy, defense, supply chain management and logistics, banking and youth sports.
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