BRIDGEVILLE, Pa., March 19, 2021 (GLOBE NEWSWIRE) – Common Stainless & Alloy Merchandise, Inc. (Nasdaq: USAP) at this time introduced that it has amended and up to date its five-year, $ 120 million, loan-on-asset (ABL) settlement with PNC Financial institution, Nationwide Affiliation. The brand new settlement features a $ 105 million revolving credit score facility and will increase the time period mortgage facility to $ 15 million. The Firm’s obligations beneath the Amended and Restated Credit score Settlement proceed to be secured by considerably the entire Firm’s accounts receivable, stock and glued belongings. The brand new credit score settlement will expire in March 2026.

The amended and up to date credit score settlement replaces the corporate’s earlier ABL credit score settlement with PNC Financial institution, which was scheduled to run out in August 2023.

Together with the change, the corporate repaid its $ 15 million gross sales word obligation, established in reference to the acquisition of the North Jackson, OH plant.

Dennis Oates, Chairman, President and CEO, stated, “This settlement enhances our monetary flexibility to help our present progress and long-term strategic initiatives. Market situations continued to enhance all year long and we’re inspired each by the optimistic momentum in market demand and the tempo of our order entry exercise. We proceed to implement our strategic initiatives to develop our product capabilities and proceed to scale back prices. Lastly, this modification additionally saves on curiosity prices, for the reason that amended settlement offers for decrease rates of interest relative to the North Jackson bond. “

About Common Stainless & Alloy Merchandise, Inc.

Common Stainless & Alloy Merchandise, Inc., established in 1994 and headquartered in Bridgeville, PA, manufactures and markets semi-finished and completed specialty steels, together with stainless-steel, nickel alloys, device metal and sure different alloy steels. The corporate’s merchandise are utilized in a wide range of industries, together with aerospace, energy technology, oil and gasoline, and heavy gear manufacturing. Extra data is obtainable at www.univstainless.com.

Protected Harbor for forward-looking data

Apart from historic data contained on this press launch, the statements contained on this press launch are forward-looking statements which are made in accordance with the protected harbor provision of the Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements contain dangers and dangers. identified and unknown uncertainties which can trigger the Firm’s precise leads to future intervals to vary materially from anticipated outcomes. These dangers embrace, amongst others, the Firm’s skill to take care of relationships with its prospects and main market segments; the Firm’s response to aggressive components in its business which can adversely have an effect on the marketplace for completed merchandise manufactured by the Firm or its prospects; uncertainty as to the progress of the return to service of the Boeing 737 MAX; the corporate’s skill to compete efficiently with home and overseas producers of specialty metal merchandise and merchandise constructed from substitute supplies; adjustments within the general demand for the Firm’s merchandise and the costs at which the Firm is ready to promote its merchandise within the aerospace business, from which a good portion of our gross sales originate; the corporate’s skill to develop, market, market and promote new functions and merchandise; the receipt, worth and timing of future buyer orders; the influence of adjustments within the Firm’s product line on the Firm’s profitability; the Firm’s skill to take care of the supply of uncooked supplies and working provides at acceptable costs; the supply and worth of electrical energy, pure gasoline and different sources of vitality that the corporate requires to fabricate its merchandise; dangers related to property, plant and gear, together with the Firm’s reliance on the continued operation of important manufacturing gear; the corporate’s success in concluding collective agreements in a well timed method and avoiding strikes or work stoppages; the corporate’s skill to draw and retain key personnel; the corporate’s continued requirement to repeatedly adjust to legal guidelines and rules, together with relevant security and environmental rules; the ultimate consequence of the Firm’s present and future litigation; the corporate’s skill to satisfy its debt service necessities and adjust to relevant monetary covenants; the top results of the corporate’s PPP mortgage forgiveness request; dangers related to doing enterprise with suppliers and prospects in overseas international locations; public well being points, together with COVID-19 and its unsure influence on our amenities and operations, our prospects and suppliers and the effectiveness of the measures taken by the Firm in response to those dangers; dangers associated to acquisitions that the Firm might make; the Firm’s skill to guard its data expertise infrastructure in opposition to disruption of service, knowledge corruption, cyber assaults or breaches of community safety; the influence on the Firm’s efficient tax charges of adjustments in tax guidelines, rules and interpretations in america and different international locations wherein it operates; and the influence of varied uncertainties associated to financial, credit score and market dangers. Many of those components are past the management of the Firm and contain identified and unknown dangers and uncertainties which may trigger the Firm’s precise leads to future intervals to be materially completely different from any future efficiency urged herein. Any hostile change within the foregoing or in different components may have a cloth hostile impact on the enterprise, monetary situation and outcomes of operations of the Firm. As well as, the Firm operates in an industrial sector the place the worth of securities could also be risky and could also be influenced by financial and different components past the management of the Firm. A few of these and different dangers are described within the Firm’s filings with the SEC, together with the Firm’s Annual Report on Type 10-Ok for the fiscal yr ended December 31, 2020, copies of which can be found from from the SEC or may be obtained on request. of the society.