Worthington Steel enters $550M ABL facility to refinance prior credit and fund Klöckner acquisition

Worthington Steel, Inc.

New $550M asset-based revolving credit facility matures June 25, 2031; replaces $550M facility that would have matured Nov 30, 2028.
Facility includes uncommitted $200M accordion and committed increase up to $650M for Klöckner acquisition.
Proceeds used for Klöckner acquisition transactions, working capital, and general corporate purposes.
Borrowings bear interest at SOFR plus 1.25%-1.375% or base rate plus 0.25%-0.375%, depending on excess availability.
Requires minimum fixed charge coverage ratio of 1.00x when excess availability falls below thresholds.

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