L.B. Foster Company Expands and Extends Credit Agreement on More Favorable Terms

PITTSBURGH, Aug. 16, 2021 (GLOBE NEWSWIRE) -- L.B. Foster Company (the "Company") (NASDAQ: FSTR), a leading provider of products and services for the rail industry and solutions to support critical infrastructure projects, today announced that on August 13, 2021, it entered into a Fourth Amended and Restated Credit Agreement (“Credit Agreement”) to, among other considerations, extend the facility maturity date to August 13, 2026, increase borrowing capacity to $130 million, improve pricing, and provide a more accommodating covenant package. The Credit Agreement is available for working capital financing, capital expenditures, issuance of letters of credit, permitted acquisitions, and general corporate purposes.

John Kasel, President and Chief Executive Officer, said, "We are very pleased with the outcome of the credit agreement negotiations. The agreed terms reduce our current cost of borrowing by approximately 200 basis points and greatly increase the financial flexibility needed to execute our strategy. We are encouraged by the significant growth opportunities emerging in our core served markets, in particular the demand for technologies that enable the digital railway, as well as precast concrete and transportation infrastructure. This credit facility provides the funding needed to avail ourselves of those opportunities. I want to thank Bill Thalman, our Chief Financial Officer, and the L.B. Foster finance and legal teams for their efforts in completing this important initiative. I also want to recognize and thank our banking partners for their ongoing confidence in the long-term growth potential of L.B. Foster."

The Company’s five-bank syndicate is led by PNC Bank, N.A. as Administrative Agent, with Citizens Bank, N.A. and Wells Fargo Bank N.A. as Co-Syndication Agents, and Bank of America and BMO Harris Bank, N.A. as participants. Additional information concerning the revolving credit facility can be found in the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 16, 2021.

About L.B. Foster Company

L.B. Foster Company and its subsidiaries provide products and services for the rail industry and solutions to support critical infrastructure projects. The Company’s innovative engineering and product development solutions address the safety, reliability, and performance of its customers’ challenging requirements. The Company maintains locations in North America, South America, Europe, and Asia. For more information, please visit www.lbfoster.com.