Titanium Metals gets $175 million revolver

By Sara Rosenberg

New York, Feb. 23 - Titanium Metals Corp. closed on a new $175 million revolving credit facility due Feb. 17, 2011, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Borrowings can carry an interest rate ranging from Libor plus 87.5 to 162.5 basis points, based on total funded debt to EBITDA. The initial interest rate is Libor plus 112.5 basis points, with a 17.5 basis point unused fee.

Security is a first-priority pledge of certain company assets.

The new facility was used to replace the company's previous $125 million revolver that was scheduled to mature on Saturday.

U.S. Bank is the administrative agent on the deal, which closed Feb. 17, and Wachovia is the syndication agent.

Titanium Metals is a Denver-based supplier of high-quality titanium metal products.

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