FRIEDMAN INDUSTRIES INC (FRD): M&A transaction — Friedman Industries acquires Century Metals for $45.25M cash plus $3.5M note and earn-out

FRIEDMAN INDUSTRIES INC

Acquired Century Metals & Supplies for $45.25M cash at closing, $3.5M promissory note, and up to $10M earn-out over four years.
Century Metals had average annual revenues of ~$111M over past three fiscal years; deal expected to be immediately accretive.
Acquisition adds facilities in Miami (owned), Orlando and Tampa (leased), and expands into cold-rolled, coated, stainless steels and non-ferrous.
Credit facility amended: commitments reduced to $125M, maturity extended to August 29, 2030, with Wells Fargo replacing BMO as lender.
Friedman gains coil slitting capabilities and access to residential and corrosion-resistant markets.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

FRIEDMAN INDUSTRIES INC amended credit facility of reduce the aggregate commitments under the A&R Credit Agreement from $150 million to $125 million with JPMorgan Chase Bank, N.A., as administrative agent at prime rate plus a margin of -1.45% or adjusted Term SOFR plus a margin of 1.55% maturing August 29, 2030.

Instrument: credit facility
Principal: reduce the aggregate commitments under the A&R Credit Agreement from $150 million to $125 million
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Rate: prime rate plus a margin of -1.45% or adjusted Term SOFR plus a margin of 1.55%
Maturity: August 29, 2030
Event: amendment

Exact text from the filing

Harris Bank N.A. is replaced as a lender under the A&R Credit Agreement with Wells Fargo Bank, N.A., (iii) reduce the aggregate commitments under the A&R Credit Agreement from $150 million to $125 million, (iv) provide for revolving borrowings either at prime rate plus a margin of -1.45% or adjusted Term SOFR plus a margin of 1.55%, (v) extend the maturity date to

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

FRIEDMAN INDUSTRIES INC incurred senior notes of $3.5 million with Sellers of Century Metals & Supplies, Inc. maturing five-year maturity date.

Instrument: senior notes
Principal: $3.5 million
Counterparty: Sellers of Century Metals & Supplies, Inc.
Maturity: five-year maturity date
Event: incurrence

Exact text from the filing

a note issued by the Company with a principal amount of $3.5 million with a five-year maturity date

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

FRIEDMAN INDUSTRIES INC completed an acquisition involving Century Metals & Supplies, Inc. for approximately $45.25 million in cash (closed 2025-08-29).

Action: acquisition
Counterparty: Century Metals & Supplies, Inc.
Consideration: approximately $45.25 million in cash
Closing: 2025-08-29

Exact text from the filing

Under the terms of the agreement, the Company acquired the assets for approximately $45.25 million in cash at closing, along with a note issued by the Company with a principal amount of $3.5 million with a five-year maturity date.

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FRIEDMAN INDUSTRIES INC filing history →

Source: SEC EDGAR

accession 0001437749-25-028241

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