Wexford, PA, July 28, 2016 – PTC Group Holdings Corp., a leading manufacturer of welded and DOM steel tubing and related products, announced today the completion of an amendment and extension of its current term loan and revolver. The Company said that its existing term loan agreement and ABL, which were due to expire under their terms later in 2016, have been extended until late 2019. The transactions will increase PTC’s liquidity and provide it with flexibility to expand on its leadership position in the precision tubing and bar market.
Cary Hart, CEO and President of PTC Group said, “We want to thank our existing term loan lenders and our ABL lender, JP Morgan Chase, for their support in connection with this extension. This action will make it possible for the Company to continue to invest in our world class technology in support of our existing and potential new customers and markets.”
About PTC
PTC is the leading manufacturer and marketer of welded and drawn over mandrel (“DOM”) mechanical steel tubing, cold drawn seamless, fabricated, precision tubular components, and chrome-plated steel bars. Major end–uses include construction and agricultural equipment, machinery and appliances, as well as automotive, heavy truck and energy applications. The company employs approximately 1,000 people across its 8 manufacturing facilities.
