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Ampco-Pittsburgh (NYSE:AP) filed an 8-K disclosing a Second Amended & Restated Credit Agreement executed on 25-Jun-2025.
The deal provides a $100 million senior secured asset-based revolving credit facility (expandable to $125 million) maturing 25-Jun-2030, bearing SOFR + 2.00-2.50%. Sublimits include $40 million for letters of credit and $30 million for European borrowings. Collateral covers receivables, inventory and equipment.
Borrowers simultaneously drew $13.5 million in senior secured term loans at SOFR + 3.00-3.50%. Amortization begins 1-Aug-2025 at $160,714 per month with a $4.0 million balloon at maturity; proceeds immediately reduced revolver balances.
The agreement contains customary affirmative/negative covenants, including limits on dividends, additional indebtedness and acquisitions, plus either minimum excess availability or a 1.05× fixed-charge coverage ratio. Standard events of default apply.
Related press release furnished as Exhibit 99.1; full credit agreement provided as Exhibit 10.1.