Worthington Steel signs $550 million asset-based credit facility, replacing 2023 pact
On June 25, 2026, Worthington Steel entered into a $550 million asset-based revolving credit agreement with Wells Fargo as agent, replacing its November 2023 facility with PNC Bank. The new facility matures June 25, 2031, and its proceeds are to fund the Klöckner acquisition transactions, working capital and general corporate purposes. The filing states no borrowing amounts, and shareholders would be affected mainly by the facility's size, cost and covenants.
Key points
- Credit agreement dated June 25, 2026, provides up to $550 million, with an uncommitted increase of up to $200 million and a committed increase to $650 million before the Klöckner increase termination date.
- Former facility, dated November 30, 2023, would have matured November 30, 2028; it was terminated on June 25, 2026, with its security interests released.
- Facility matures June 25, 2031 and is secured by substantially all assets of the company and its guarantors.
- Borrowings bear interest at base rate plus 0.250% or 0.375%, or term SOFR plus 1.250% or 1.375%, depending on excess availability.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:55 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 30, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.