NEW YORK--(BUSINESS WIRE)--Steel Partners Holdings L.P.(NYSE:SPLP), a diversified global holding company, today announced it has entered into a new five-year, $600 million revolving credit facility with a syndicate of banks led by PNC Capital Markets LLC.
The new credit facility consolidates a number of the company’s existing credit facilities into one combined, revolving credit facility covering substantially all SPLP entities, with the exception of the company’s WebBank subsidiary. In addition to PNC Capital Markets LLC, other joint lead arrangers of the new credit facility include Citizens Bank, N.A; SunTrust Robinson Humphrey, Inc.; and Wells Fargo Bank, National Association.
“Proceeds will be used for general corporate purposes, including working capital needs, and potential future acquisitions,” said Warren Lichtenstein, Executive Chairman of Steel Partners. “Consolidating our credit facilities into one agreement allows us to reduce our borrowing rate and is in keeping with our goal of simplifying the Steel Partners’ corporate structure. It will provide us with enhanced liquidity and added flexibility, as we continue to grow the company and add value for our stakeholders.”
About Steel Partners Holdings L.P.
Steel Partners Holdings L.P. is a diversified global holding company that engages in multiple businesses through consolidated subsidiaries, associated companies and other interests. It owns and operates businesses and has significant interests in leading companies in various industries, including diversified industrial products, energy, defense, supply chain management and logistics, banking and youth sports.