Olshan Client Steel Partners Holdings L.P. Announces Five-Year, $600 Million Revolving Credit Agreement with PNC Capital Markets LLC
Olshan client Steel Partners Holdings L.P. recently publicized its entry into a five-year, $600 million revolving credit agreement with a syndicate of financial institutions headed by PNC Capital Markets LLC. Consolidating several of the company’s existing credit facilities, this agreement is consistent with the company’s objective of maintaining an uncomplicated corporate framework. “Proceeds will be used for general corporate purposes, including working capital needs, and potential future acquisitions,” stated 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.” Olshan attorneys leading this transaction include Steve Wolosky, Jason Saltsberg, and Claudia Dubon, with assistance from Mary Grieco on intellectual property matters, Mark Limardo on tax matters, and Stephen Ferszt on employee benefits matters.