L.B. Foster Company Completes Successful Amendment to its Revolving Credit Agreement
L.B. Foster Company (Nasdaq: FSTR) has successfully amended its revolving credit agreement, securing enhanced financial flexibility and improved terms. The new Fifth Amended and Restated Credit Agreement includes several key improvements: borrowing capacity increased from $130 million to $150 million with an additional $60 million incremental loan feature, maturity extension to June 27, 2030, and an improved pricing grid.
The amended facility, led by a five-bank syndicate with PNC Bank, N.A. as Administrative Agent, provides greater flexibility for working capital financing, capital expenditures, letters of credit, permitted acquisitions, and general corporate purposes. The agreement features a more accommodating covenant package with reduced corporate finance transaction restrictions.
According to Executive VP and CFO Bill Thalman, the favorable terms reflect the company's successful strategic transformation and improved profitability profile. The enhanced facility structure aims to support L.B. Foster's growth initiatives, particularly in their core platforms of Rail Technologies and Precast Concrete.
L.B. Foster Company (Nasdaq: FSTR) ha modificato con successo il proprio accordo di credito revolving, ottenendo una maggiore flessibilità finanziaria e condizioni migliorate. Il nuovo Quinto Accordo di Credito Emendato e Ristabilito include diversi miglioramenti chiave: la capacità di prestito è aumentata da 130 milioni a 150 milioni di dollari con una funzione di prestito incrementale aggiuntiva di 60 milioni di dollari, un'estensione della scadenza fino al 27 giugno 2030 e una griglia di prezzi migliorata.
La struttura emendata, guidata da un sindacato di cinque banche con PNC Bank, N.A. come Agente Amministrativo, offre maggiore flessibilità per il finanziamento del capitale circolante, spese in conto capitale, lettere di credito, acquisizioni consentite e scopi aziendali generali. L'accordo prevede un pacchetto di covenant più favorevole con restrizioni ridotte sulle transazioni finanziarie aziendali.
Secondo il Vicepresidente Esecutivo e CFO Bill Thalman, le condizioni vantaggiose riflettono la riuscita trasformazione strategica dell'azienda e un profilo di redditività migliorato. La struttura finanziaria potenziata mira a supportare le iniziative di crescita di L.B. Foster, in particolare nelle loro piattaforme principali di Tecnologie Ferroviarie e Calcestruzzo Prefabbricato.
L.B. Foster Company (Nasdaq: FSTR) ha modificado con éxito su acuerdo de crédito revolvente, logrando una mayor flexibilidad financiera y mejores condiciones. El nuevo Quinto Acuerdo de Crédito Enmendado y Restablecido incluye varias mejoras clave: la capacidad de endeudamiento aumentó de 130 millones a 150 millones de dólares con una característica de préstamo incremental adicional de 60 millones de dólares, extensión del vencimiento hasta el 27 de junio de 2030 y una cuadrícula de precios mejorada.
La facilidad enmendada, liderada por un sindicato de cinco bancos con PNC Bank, N.A. como Agente Administrativo, proporciona mayor flexibilidad para financiamiento de capital de trabajo, gastos de capital, cartas de crédito, adquisiciones permitidas y propósitos corporativos generales. El acuerdo presenta un paquete de convenios más favorable con restricciones reducidas en transacciones financieras corporativas.
Según el Vicepresidente Ejecutivo y CFO Bill Thalman, los términos favorables reflejan la exitosa transformación estratégica de la compañía y un perfil de rentabilidad mejorado. La estructura mejorada de la facilidad apunta a apoyar las iniciativas de crecimiento de L.B. Foster, especialmente en sus plataformas principales de Tecnologías Ferroviarias y Hormigón Prefabricado.
L.B. Foster Company (나스닥: FSTR)는 성공적으로 리볼빙 신용 계약을 수정하여 재무 유연성을 강화하고 조건을 개선했습니다. 새로 개정된 다섯 번째 신용 계약에는 몇 가지 주요 개선 사항이 포함되어 있습니다: 대출 한도가 1억 3천만 달러에서 1억 5천만 달러로 증가했으며, 추가로 6천만 달러의 증액 대출 기능이 포함되었고, 만기는 2030년 6월 27일로 연장되었으며, 가격 체계도 개선되었습니다.
PNC Bank, N.A.가 행정 대리인으로 참여한 5개 은행 컨소시엄이 주도하는 이번 수정된 시설은 운전자본 금융, 자본 지출, 신용장, 허용된 인수 및 일반 기업 목적에 대한 더 큰 유연성을 제공합니다. 이 계약은 기업 금융 거래 제한이 완화된 보다 유연한 계약 조건을 특징으로 합니다.
전무이사 겸 CFO인 Bill Thalman에 따르면, 유리한 조건은 회사의 성공적인 전략적 전환과 향상된 수익성 프로필을 반영합니다. 강화된 금융 구조는 특히 철도 기술 및 프리캐스트 콘크리트 핵심 플랫폼에서 L.B. Foster의 성장 이니셔티브를 지원하는 것을 목표로 합니다.
L.B. Foster Company (Nasdaq : FSTR) a réussi à modifier son accord de crédit renouvelable, obtenant ainsi une flexibilité financière accrue et de meilleures conditions. Le nouveau Cinquième Accord de Crédit Amendé et Restitué comprend plusieurs améliorations clés : capacité d'emprunt augmentée de 130 millions à 150 millions de dollars avec une fonctionnalité de prêt incrémental supplémentaire de 60 millions de dollars, une prolongation de la maturité jusqu'au 27 juin 2030 et une grille tarifaire améliorée.
La facilité modifiée, dirigée par un syndicat de cinq banques avec PNC Bank, N.A. en tant qu'agent administratif, offre une plus grande flexibilité pour le financement du fonds de roulement, les dépenses en capital, les lettres de crédit, les acquisitions autorisées et les usages généraux de l'entreprise. L'accord propose un ensemble de covenants plus souple avec des restrictions réduites sur les opérations financières d'entreprise.
Selon le vice-président exécutif et directeur financier Bill Thalman, les conditions favorables reflètent la transformation stratégique réussie de l'entreprise et une rentabilité améliorée. La structure améliorée de la facilité vise à soutenir les initiatives de croissance de L.B. Foster, en particulier dans leurs plateformes principales des Technologies Ferroviaires et du Béton Préfabriqué.
L.B. Foster Company (Nasdaq: FSTR) hat erfolgreich seine revolvierende Kreditvereinbarung geändert und damit eine verbesserte finanzielle Flexibilität und bessere Konditionen gesichert. Das neue fünfte geänderte und neu gefasste Kreditabkommen umfasst mehrere wichtige Verbesserungen: die Kreditaufnahme wurde von 130 Millionen auf 150 Millionen US-Dollar erhöht mit einer zusätzlichen 60 Millionen US-Dollar inkrementellen Darlehensoption, eine Laufzeitverlängerung bis zum 27. Juni 2030 sowie ein verbessertes Preismodell.
Die geänderte Vereinbarung, angeführt von einem Konsortium aus fünf Banken mit der PNC Bank, N.A. als Verwaltungsagent, bietet größere Flexibilität für Betriebskapitalfinanzierung, Investitionsausgaben, Akkreditive, zulässige Akquisitionen und allgemeine Unternehmenszwecke. Das Abkommen beinhaltet ein kundenfreundlicheres Covenant-Paket mit reduzierten Beschränkungen für Unternehmensfinanzierungstransaktionen.
Laut Executive VP und CFO Bill Thalman spiegeln die günstigen Konditionen die erfolgreiche strategische Transformation des Unternehmens und ein verbessertes Profitabilitätsprofil wider. Die verbesserte Struktur der Kreditfazilität soll L.B. Fosters Wachstumsinitiativen unterstützen, insbesondere in den Kernbereichen Bahntechnologien und Fertigbeton.
- Borrowing capacity expanded by $20 million to $150 million
- Additional $60 million incremental loan feature available
- Facility maturity extended five years to 2030
- Improved pricing grid reducing financing costs
- More accommodating covenant package with fewer restrictions
- Enhanced flexibility for acquisitions and growth initiatives
- None.
Insights
L.B. Foster significantly strengthens financial flexibility with expanded credit facility, improving growth potential and reducing financing constraints.
L.B. Foster's amended credit agreement represents a substantial improvement in the company's financial flexibility and liquidity position. The revised terms include a
The enhanced facility provides three critical advantages: reduced financing costs through an improved pricing grid, increased operational flexibility with fewer restrictions on corporate finance transactions, and expanded capacity to pursue strategic growth initiatives. This suggests management anticipates potential acquisition opportunities in their core growth platforms of Rail Technologies and Precast Concrete.
The favorable terms negotiated with their five-bank syndicate (led by PNC Bank) validate the success of L.B. Foster's strategic transformation efforts. The CFO's statement that the "favorable terms agreed highlight the progress we've made to improve the profitability and growth profile" indicates the company has likely demonstrated improved financial performance metrics to secure these enhanced terms.
For investors, this agreement provides a dual benefit: it creates a stronger financial foundation while simultaneously enabling more aggressive pursuit of growth opportunities. The extended five-year timeframe also eliminates near-term refinancing risk, giving management operational breathing room to execute their strategic plans without immediate debt maturity concerns.
- Borrowing capacity expanded from
$130 million to$150 million with an additional$60 million incremental loan feature available - Facility maturity extended five years to June 27, 2030 with an improved pricing grid
- Revised terms provide greater flexibility to invest in growth programs and corporate finance initiatives
PITTSBURGH, June 30, 2025 (GLOBE NEWSWIRE) -- L.B. Foster Company (Nasdaq: FSTR), a global technology solutions provider of products and services for the rail and infrastructure markets (the “Company”), today announced that on June 27, 2025, it entered into a Fifth Amended and Restated Credit Agreement (the “Credit Agreement”) to, among other considerations, extend the facility maturity date to June 27, 2030, increase borrowing capacity to
Bill Thalman, Executive Vice President and Chief Financial Officer, said, “We’re very pleased with the outcome of the credit agreement amendment process. Our banking partners have been very supportive during our strategic transformation completed over the last several years. The agreed terms improve our overall cost of financing and substantially reduce restrictions while increasing our borrowing capacity, all of which were important objectives for us with the amendment. The favorable terms agreed highlight the progress we’ve made to improve the profitability and growth profile of the Company in line with our strategic playbook. We remain optimistic about the significant opportunities in our core growth platforms of Rail Technologies and Precast Concrete, and this improved facility structure provides the flexibility and capacity needed to continue our journey. I’d like to thank our treasury and legal teams for this important accomplishment, as well as our banking partners for their ongoing confidence in the potential of L.B. Foster."
The Company’s five-bank syndicate is led by PNC Bank, N.A. as Administrative Agent, with Bank of America, N.A., Citizens Bank, N.A., and Wells Fargo Bank N.A. as Co-Syndication Agents, and Dollar Bank, Federal Savings Bank as a participant. Additional information concerning the revolving credit facility can be found in the Current Report on Form 8-K filed with the Securities and Exchange Commission on June 30, 2025.
About L.B. Foster Company
Founded in 1902, L.B. Foster Company is a global technology solutions provider of products and services for the rail and infrastructure markets. The Company’s innovative engineering and product development solutions address the safety, reliability, and performance needs of its customers’ most challenging requirements. The Company maintains locations in North America, South America, Europe, and Asia. For more information, please visit www.lbfoster.com.
Forward-Looking Statements
This release may contain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements provide management's current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Sentences containing words such as “believe,” “intend,” “plan,” “may,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predict,” “project,” or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements. Forward-looking statements in this earnings release are based on management's current expectations and assumptions about future events that involve inherent risks and uncertainties and may concern, among other things, the Company’s expectations relating to our strategy, goals, projections, and plans regarding our financial position, liquidity, capital resources, and results of operations and decisions regarding our strategic growth initiatives, market position, and product development. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. The Company cautions readers that various factors could cause the actual results of the Company to differ materially from those indicated by forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Among the factors that could cause the actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties related to: a continuation or worsening of the adverse economic conditions in the markets we serve, including recession, the continued volatility in the prices for oil and gas, tariffs or trade wars, inflation, project delays, and budget shortfalls, or otherwise; volatility in the global capital markets, including interest rate fluctuations, which could adversely affect our ability to access the capital markets on terms that are favorable to us; restrictions on our ability to draw on our credit agreement, including as a result of any future inability to comply with restrictive covenants contained therein; a decrease in freight or transit rail traffic; environmental matters and the impact of environmental regulations, including any costs associated with any remediation and monitoring of such matters; the risk of doing business in international markets, including compliance with anti-corruption and bribery laws, foreign currency fluctuations and inflation, global shipping disruptions, the imposition of increased or new tariffs, and trade restrictions or embargoes; our ability to effectuate our strategy, including cost reduction initiatives, and our ability to effectively integrate acquired businesses or to divest businesses, such as the acquisition of VanHooseCo Precast LLC, and to realize anticipated benefits; costs of and impacts associated with shareholder activism; the timeliness and availability of materials from our major suppliers, as well as the impact on our access to supplies of customer preferences as to the origin of such supplies, such as customers’ concerns about conflict minerals; labor disputes; cybersecurity risks such as data security breaches, malware, ransomware, “hacking,” and identity theft, which could disrupt our business and may result in misuse or misappropriation of confidential or proprietary information, and could result in the disruption or damage to our systems, increased costs and losses, or an adverse effect to our reputation, business or financial condition; the continuing effectiveness of our ongoing implementation of an enterprise resource planning system; changes in current accounting estimates and their ultimate outcomes; the adequacy of internal and external sources of funds to meet financing needs, including our ability to negotiate any additional necessary amendments to our credit agreement or the terms of any new credit agreement, the Company’s ability to manage its working capital requirements and indebtedness; domestic and international taxes, including estimates that may impact taxes; domestic and foreign government regulations, including tariffs; our ability to maintain effective internal controls over financial reporting (“ICFR”) and disclosure controls and procedures, as well as our ability to reestablish effective disclosure controls and procedures; any change in policy or other change due to the results of the UK’s 2024 parliamentary election and the U.S. 2024 Presidential election that could affect UK or U.S. business conditions; other geopolitical conditions, including the ongoing conflicts between Russia and Ukraine, conflicts in the Middle East, and increasing tensions between China and Taiwan; a lack of or delay in state or federal funding for new infrastructure projects; an increase in manufacturing or material costs, including volatility in steel prices; the loss of future revenues from current customers; any future global health crises, and the related social, regulatory, and economic impacts and the response thereto by the Company, our employees, our customers, and national, state, or local governments, including any governmental travel restrictions; and risks inherent in litigation and the outcome of litigation and product warranty claims. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. Significant risks and uncertainties that may affect the operations, performance, and results of the Company’s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, “Risk Factors,” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024, or as updated and/or amended by our other current or periodic filings with the Securities and Exchange Commission.
The forward-looking statements in this release are made as of the date of this release and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by the federal securities laws.
Investor Relations:
Lisa Durante
412-928-3400, and follow the prompts
investors@lbfoster.com
L.B. Foster Company
415 Holiday Drive
Suite 100
Pittsburgh, PA 15220
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