Universal Stainless (USAP) Amends Credit Agreement w/ PNC; Increases Revolver, Lowers Rates

Universal Stainless & Alloy Products, Inc. (Nasdaq: USAP) announced today that it has amended its Credit Agreement with PNC Bank, National Association, serving as Administrative Agent for a syndicate of banks. The Amended Credit Agreement lowers the Company's interest rates and provides additional flexibility in the structure of its credit facilities, within the Credit Agreement. It also extends the maturity date to March 19, 2017 from its current maturity date of August 18, 2016.

The Amended Credit Agreement increases commitments under the senior revolving credit facility to $105.0 million from $75.0 million while reducing the senior secured term loan facility to $20.0 million from $40.0 million. Under the Amended Credit Agreement, the Company's interest rates are reduced by 50 basis points. The reduced senior secured term loan will reduce the Company's quarterly principal payments to $750,000 from $1.5 million and extends the start date of scheduled payments by one year to July 1, 2013.

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