Commercial Metals (CMC) Enters Amended Credit Agreement; Borrowing Increased, Fee Lowered
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Commercial Metals Company (NYSE: CMC) announced today that it 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 under the Credit Agreement provides 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. CMC added an additional financial institution as a purchaser to provide additional liquidity at cost-effective funded pricing.
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. CMC added an additional financial institution as a purchaser to provide additional liquidity at cost-effective funded pricing.
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