WHEELING, W.Va., July 11 /PRNewswire-FirstCall/ -- Wheeling-Pittsburgh
Steel Corporation (Nasdaq: WPSC) announced that effective July 8, 2005 it
refinanced its revolving credit facility primarily with its current lenders.
The facility was led by Royal Bank of Canada and GE Commercial Finance, as
agents, and was renewed at a commitment amount of $225 million for a four-year
term.
The new facility provides for increased borrowing advance rates on certain
collateral, and lower borrowing and unused line fee rates, among other
improvements.
"We are pleased that our banks have recognized the improved credit profile
of Wheeling-Pitt and the value of our new unique hybrid steel producer
operating configuration," said Michael P. DiClemente, Treasurer. "The
enhancements to the credit agreement will allow us to realize reductions in
interest expense and fees, and provide us with a working capital facility for
approximately three years beyond our prior arrangement."
About Wheeling-Pittsburgh:
Wheeling-Pittsburgh Steel Corporation, a wholly owned subsidiary of
Wheeling-Pittsburgh Corporation, is a steel company engaged in the making,
processing and fabrication of steel and steel products using both integrated
and electric arc furnace technology. The Company's products include hot
rolled and cold rolled sheet and coated products such as galvanized, pre-
painted and tin mill sheet. The Company also produces a variety of steel
products including roll formed corrugated roofing, roof deck, floor deck,
bridgeform and other products used primarily by the construction, highway and
agricultural markets.
This release may contain projections or other forward-looking statements
regarding future events or the future financial performance of Wheeling-
Pittsburgh Corporation that involve risks and uncertainties. Readers are
cautioned that these forward-looking statements are only predictions and may
differ materially from actual future events or results. Readers are referred
to the "Business - Risk Factors" section of the Company's Annual Report on
Form 10-K for the year ended December 31, 2004, and other reports and filings
with the SEC, which identify important risk factors that could cause actual
results to differ from those contained in the forward-looking statements.
SOURCE Wheeling-Pittsburgh Steel Corporation
 back to top
Related links:
http://www.wpsc.com
CONTACT:
Mike DiClemente of Wheeling-Pittsburgh Steel
Corporation, +1-304-234-2811
|
