RICHMOND, Va., Oct. 31, 2017 (GLOBE NEWSWIRE) -- Synalloy Corporation (Nasdaq:SYNL) today announced the refinance and increase of its asset based credit facility with its bank, Branch Banking and Trust Company from $45.0 million to $65.0 million. The ABL will be used to finance working capital needs and as a source for funding future acquisitions.
President and Chief Executive Officer Craig Bram said, “Including our November dividend payment, we expect to end the year with net debt in the range of $21.0 million to $22.0 million. The expanded credit facility will allow the Company to fund high ROI capital projects within our current operating units and to pursue larger acquisition opportunities.”
Synalloy Corporation (Nasdaq:SYNL) is a growth oriented company that engages in a number of diverse business activities including the production of stainless steel pipe, fiberglass and steel storage tanks and specialty chemicals and the master distribution of seamless carbon pipe and tubing. For more information about Synalloy Corporation, please visit our web site at www.synalloy.com.