Washington-headquartered pipe producer Northwest Pipe Company (Northwest) has announced the signing of an amended and restated credit agreement with a syndicate of lenders led by Bank of America and including Union Bank of California, HSBC and U.S. Bank.
The agreement provides Northwest with a revolving line of credit of $150,000,000 maturing on May 31, 2012.
According to the company, borrowings under the agreement will be used for working capital and general corporate purposes. The agreement also permits the company to request increases in the revolving loan commitments of up to $50,000,000 for a total credit facility of up to $200,000,000, subject to agreement of the lenders.
Commenting on the agreement, Brian W. Dunham, President and CEO of Northwest Pipe Company, said, "This agreement demonstrates our banking group's recognition of Northwest's past performance as well as their confidence in our future prospects."