Quanex seeking to replace revolver with new $150 million facility by Oct. 31

By Sara Rosenberg

New York, Sept. 3 - Quanex Corp. is in the process of replacing its existing $250 million revolving credit facility with a new $150 million three-year revolver, a company spokesman told Prospect News. The new loan is expected to be in place by Oct. 31, which is the end of the company's fourth fiscal quarter.

Comerica Bank is the administrative agent and syndication agent on the deal. The facility is still in the syndication process and participants and co-agents are expected to be determined within the next two weeks, according to the spokesman. "We should have pretty much the same core group," the spokesman added.

All assets, excluding real property, will secure the revolver. Proceeds will be used for general corporate purposes.

Interest rates on the loan "will be market driven", the spokesman said, however, they are not being disclosed at this time.

Quanex is a Houston, Tex. manufacturer of engineered materials and components serving the vehicular products and building products markets.

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