PNC Bank, National Association announces a U.S.$125,000,000 asset based revolving credit facility in favour of A.M. Castle & Co.

August 31, 2017

Client: PNC Bank

Toronto acted as Canadian counsel to PNC Bank, National Association, as Administrative Agent, Collateral Agent, and Lender in connection with an asset‑based revolving credit facility in the principal amount of U.S.$125,000,000 in favour of, amongst others, A.M. Castle & Co. (Castle).

The proceeds of the credit facility will be used to, among other things, (i) provide for the working capital needs of the Borrowers and to reimburse drawings under letters of credit, (ii) repay the obligations under a debtor-in-possession revolving credit and security agreement dated June 10, 2017 and certain other existing indebtedness, and (iii) provide for the certain of the Borrowers’ capital expenditure needs.

Castle is a specialty metals distribution company that operates through two segments: Metals and Plastics. In its Metals segment, Castle focuses on distributing engineered specialty grades and alloys of metals, as well as providing specialized processing services. Through Castle’s Plastics segment, Castle stocks and distributes a range of plastics in various forms and performs various processing activities.

The Toronto team consisted of David Amato, Noah Schein and Russell Dufault.