Worthington Steel Increases Term Loan Facility to $700M for Klöckner Acquisition
WS sits 74% above its 52-week low of $24.225.
Summary
Worthington Steel has increased the principal amount of its new term loan credit facility by $200 million, raising it from $500 million to $700 million. This financing adjustment is a component of the larger package to fund the company's pending acquisition of German metals trader Klöckner & Co SE, which recently received final regulatory approval. The company also previously announced a $900 million senior secured notes offering. This increase in debt materially impacts Worthington Steel's capital structure and future interest expenses related to the acquisition.
At the time of this announcement, WS was trading at $42.18 on NYSE in the Manufacturing sector, with a market capitalization of approximately $2.1B. The 52-week trading range was $24.23 to $49.17. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.