A. M. Castle & Co. Announces Extension Of Revolving Credit Facility Through 2019

OAK BROOK, Ill., Dec. 10, 2014 /PRNewswire/ -- A. M. Castle & Co. (NYSE: CAS) ("the Company"), a global distributor of specialty metal and plastic products, value-added services and supply chain solutions, announced today that it has obtained an extension on its $125.0 million revolving credit facility through December 2019. There were no other material changes to the terms of the facility, and the extension commitment comes from three of the existing lenders under the facility. The revolving credit facility will support the Company's general working capital needs. The Company had $27.0 million of outstanding borrowings and $88.1 million of additional borrowing capacity available under the facility as of September 30, 2014. The Company is currently in compliance with all financial covenants of the facility.

Scott Dolan, CEO of A. M. Castle, stated, "We view this extension as a strong vote of confidence in the substantial progress that we have made in executing our turnaround strategy, which includes significantly lowering our cost basis over the last two years. We are appreciative of the support from all of our financial partners and look forward to working with them long into the future."

About A. M. Castle & Co.
Founded in 1890, A. M. Castle & Co. is a global distributor of specialty metal and plastic products and supply chain services, principally serving the producer durable equipment, oil and gas, commercial aircraft, heavy equipment, industrial goods, construction equipment, retail, marine and automotive sectors of the global economy. Its customer base includes many Fortune 500 companies as well as thousands of medium and smaller-sized firms spread across a variety of industries. Within its metals business, it specializes in the distribution of alloy and stainless steels; nickel alloys; aluminum and carbon. Through its wholly-owned subsidiary, Total Plastics, Inc., the Company also distributes a broad range of value-added industrial plastics. Together, Castle and its affiliated companies operate out of 46 service centers located throughout North America, Europe and Asia. Its common stock is traded on the New York Stock Exchange under the ticker symbol "CAS".

Cautionary Statement on Risks Associated with Forward Looking Statements
Information provided and statements contained in this release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this release and the Company assumes no obligation to update the information included in this release. Such forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These statements often include words such as "believe," "expect," "anticipate," "intend," "predict," "plan," or similar expressions. These statements are not guarantees of performance or results, and they involve risks, uncertainties, and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, there are many factors that could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements, including those risk factors identified in Item 1A "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2013. All future written and oral forward-looking statements by us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. Except for our ongoing obligations to disclose material information as required by the federal securities laws, we do not have any obligations or intention to release publicly any revisions to any forward-looking statements to reflect events or circumstances in the future or to reflect the occurrence of unanticipated events.

For Further Information:

- At ALPHA IR -
Analyst Contact:
Chris Hodges
(312) 445-2870
Email: [email protected]

Traded: NYSE (CAS)
Member: S&P SmallCap 600 Index

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SOURCE A. M. Castle & Co.

Related Links

http://www.amcastle.com