Steel Partners Holdings, a diversified global holding company, amended and extended its credit agreement with a syndicate of banks led by PNC Bank. The new five-year, $600 million, revolving credit facility covers substantially all SPLP entities, with the exception of Steel Partners’ WebBank subsidiary. The credit facility includes:

• $50 million sub-facility for swing line loans,
• $50 million sub-facility for standby letters of credit, and
• $75 million currency sub-limit (available in euros and pounds sterling).

Additionally, Steel Partners is permitted, under certain circumstances, to increase the facility by at least $300 million.

"Proceeds from the credit facility will be used for general corporate purposes, including working capital needs and potential future acquisitions and investments," said Warren Lichtenstein, Executive Chairman of Steel Partners. "Extending our credit agreement for an additional five years provides us with enhanced liquidity and added flexibility, as we continue to grow Steel Partners and add value for all stakeholders."