Worthington Steel secures $550M credit facility to finance Klöckner acquisition

Filed June 30, 2026 · Period ending June 25, 2026 · ~1 min read

Key Changes

• high

  Entered new $550M asset-based revolving credit facility with Wells Fargo, explicitly structured to finance pending Klöckner acquisition with provisions for $550-650M committed increase upon deal closing.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
• medium

  New facility matures June 2031 with covenant-lite structure requiring 1.00x fixed charge coverage ratio only when availability drops below 10% of line cap or $41M, providing operational flexibility.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
• medium

  Terminated prior $550M secured revolving credit facility with PNC Bank that was scheduled to mature November 2028, releasing all security interests as part of refinancing.

  Item 1.02 — Termination of a Material Definitive Agreement verify on EDGAR →