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Universal Stainless Buys Plant For About $104M

Stocks in this article: USAP

BRIDGEVILLE, Pa. (AP) â¿¿ Universal Stainless & Alloy Products Inc. said Friday it completed its purchase of Patriot Special Metals, which includes a state-of-the-art forge and other equipment for heat treating and finishing metal products that is in a plan now under construction in North Jackson, Ohio.

Universal Stainless said in a press release in June that it planned to buy Patriot for $104.5 million and would spend $25 million more to install equipment.

The plant is to begin operating in the first quarter of 2012.

The company said it also secured a new a $40 million term loan and a $75 million revolving credit facility in connection with the purchase. PNC Capital Markets LLC acted as lead arranger and administrative agent on the new debt.

Shares of Universal Stainless & Alloy Products fell $1.84, or 5.7 percent, to close at $30.59 Friday, when the markets slipped overall.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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