Northwest Pipe Enters Credit Agreement
10/17/2008 - Northwest Pipe enters into an Amended & Restated Credit Agreement that provides the company with a revolving line of credit of $150,000,000 maturing on May 31, 2012.
Northwest Pipe Co. has entered into an Amended & Restated Credit Agreement with a syndicate of lenders that provides the company with a revolving line of credit of $150,000,000 maturing on May 31, 2012. Led by Bank of America, the syndicate includes Union Bank of California, HSBC and U.S. Bank.
The company said that it will use borrowings under the agreement for working capital and general corporate purposes. The agreement also permits the company to request increases in the revolving loan commitments of up to $50,000,000, for a total credit facility of up to $200,000,000, subject to agreement of the lenders.
"Completion of this agreement provides the company with a secure source of financing over the next few years,” stated Northwest Pipe President and CEO Brian W. Dunham. “This agreement demonstrates our banking group's recognition of the company's past performance as well as their confidence in our future prospects."
Northwest Pipe is scheduled to release its third quarter earnings on October 22, 2008.
Northwest Pipe manufactures welded steel pipe and other products in two business groups. Its Water Transmission Group is the leading supplier of large diameter, high-pressure steel pipe products that are used primarily for water infrastructure in North America. Its Tubular Products Group manufactures smaller diameter steel pipe for a wide range of applications including construction, agricultural, energy, traffic and other commercial and industrial uses. The company is headquartered in Vancouver, Wash., and has ten manufacturing facilities across the United States and Mexico.
