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.
More from Stocks
Netflix's 'Troubling' Subscriber Miss Suggests It's Approaching a Price Ceiling
Netflix reported just 2.7 million new subscribers in the second quarter, which included a net loss of 130,000 in the U.S. Last quarter was the first time Netflix has lost domestic subscribers in the years it's been reporting streaming separately.
Big Tech and CSX Get Railroaded: Jim Cramer on What it Means for the Markets
Jim Cramer weighs in on why he's keeping a close eye on Big Tech as Facebook, Amazon and Alphabet head to Capitol Hill, CSX's earnings and his thoughts on the financial sector post-big bank earnings.
Ask Cramer: Book Recommendations for College Grads Starting Their First Job?
Which of Jim Cramer's books does he recommend for grandchildren out of college on their first job?