Republic gets new $200 million revolver

By Sara Rosenberg

New York, May 25 - Republic Engineered Products Inc. closed on a new $200 million five-year revolver. GE Commercial Finance is the agent on the deal and UBS Loan Finance LLC, Bank One and Merrill Lynch Capital participated as well, according to a company news release.

Obtaining the new revolver was part of the company's capital restructuring plan that included redeeming $80 million in existing senior secured notes.

"This transaction represents further evidence of our improved performance and will provide financial flexibility and strength to support the business," said Joseph F. Lapinsky, president and chief executive officer, in the release. "Our capital restructuring plan provides us with significant liquidity to satisfy the needs of the company going forward."

Republic Engineered is a Fairlawn, Ohio, supplier of special bar quality steel.

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