Friedman Industries increases ABL facility from $40M to $75M, shifts to SOFR-based rate

FRIEDMAN INDUSTRIES INC

Asset-based revolver raised from $40M to $75M; accordion feature allows up to $10M additional increase.
Interest on Term SOFR borrowings: SOFR + 0.10% adjustment + 1.70% margin per annum.
Non-SOFR borrowings accrue at Prime Rate; transition from LIBOR to Term SOFR effective March 11, 2022.
Amendment cited recent market volatility and geopolitical uncertainty as precautionary reasons.
JPMorgan Chase Bank remains administrative agent; lenders party to A&R Credit Agreement.

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