L.B. Foster Company Completes Successful Amendment to its Revolving Credit Agreement
Borrowing capacity expanded from $130 million to $150 million with an additional $60 million incremental loan feature available
Facility maturity extended five years to June 27, 2030 with an improved pricing grid
Revised terms provide greater flexibility to invest in growth programs and corporate finance initiatives
PITTSBURGH, June 30, 2025 (GLOBE NEWSWIRE) -- L.B. Foster Company (NASDAQ:FSTR), a global technology solutions provider of products and services for the rail and infrastructure markets (the "Company"), today announced that on June 27, 2025, it entered into a Fifth Amended and Restated Credit Agreement (the "Credit Agreement") to, among other considerations, extend the facility maturity date to June 27, 2030, increase borrowing capacity to $150 million, improve pricing, and provide a more accommodating covenant package with fewer corporate finance transaction restrictions. The Credit Agreement is available for working capital financing, capital expenditures, issuance of letters of credit, permitted acquisitions, and general corporate purposes.
Bill Thalman, Executive Vice President and Chief Financial Officer, said, "We're very pleased with the outcome of the credit agreement amendment process. Our banking partners have been very supportive during our strategic transformation completed over the last several years. The agreed terms improve our overall cost of financing and substantially reduce restrictions while increasing our borrowing capacity, all of which were important objectives for us with the amendment. The favorable terms agreed highlight the progress we've made to improve the profitability and growth profile of the Company in line with our strategic playbook. We remain optimistic about the significant opportunities in our core growth platforms of Rail Technologies and Precast Concrete, and this improved facility structure provides the flexibility and capacity needed to continue our journey. I'd like to thank our treasury and legal teams for this important accomplishment, as well as our banking partners for their ongoing confidence in the potential of L.B. Foster."
The Company's five-bank syndicate is led by PNC Bank, N.A. as Administrative Agent, with Bank of America, N.A., Citizens Bank, N.A., and Wells Fargo Bank N.A. as Co-Syndication Agents, and Dollar Bank, Federal Savings Bank as a participant. Additional information concerning the revolving credit facility can be found in the Current Report on Form 8-K filed with the Securities and Exchange Commission on June 30, 2025.
About L.B. Foster Company
Founded in 1902, L.B. Foster Company is a global technology solutions provider of products and services for the rail and infrastructure markets. The Company's innovative engineering and product development solutions address the safety, reliability, and performance needs of its customers' most challenging requirements. The Company ...
