Commercial Metals amends credit agreement
Commercial Metals Company entered into amended credit and receivables purchase agreements. The amended credit agreement provides access to $300 million for a period of 5 years, with an option to increase by an additional $100 million. In addition to improved funded pricing, the commitment fee annual savings in excess of $1.3 million.
The receivables purchase agreement was amended to increase the funding capacity to $200 million which, when combined with the amended credit agreement, maintains the company’s total borrowing capacity at $500 million. The receivables purchase agreement term was also extended for a period of 3 years.