SOURCE: Northwest Pipe Company

October 15, 2008 18:00 ET

Northwest Pipe Announces Credit Agreement

VANCOUVER, WA--(Marketwire - October 15, 2008) - Northwest Pipe Company (NASDAQ: NWPX) announced today that it has entered into an Amended & Restated Credit Agreement with a syndicate of lenders led by Bank of America and including Union Bank of California, HSBC and U.S. Bank. The Agreement provides the Company with a revolving line of credit of $150,000,000 maturing on May 31, 2012.

Borrowings under the agreement will be used for working capital and general corporate purposes. The agreement also permits the company to request increases in the revolving loan commitments of up to $50,000,000 for a total credit facility of up to $200,000,000, subject to agreement of the lenders.

Brian W. Dunham, President and CEO of Northwest Pipe Company, stated that, "Completion of this agreement provides the Company with a secure source of financing over the next few years. This agreement demonstrates our banking group's recognition of the Company's past performance as well as their confidence in our future prospects."

Northwest Pipe Company will release its third quarter earnings on October 22, 2008.

Northwest Pipe Company manufactures welded steel pipe and other products in two business groups. Its Water Transmission Group is the leading supplier of large diameter, high-pressure steel pipe products that are used primarily for water infrastructure in North America. Its Tubular Products Group manufactures smaller diameter steel pipe for a wide range of applications including construction, agricultural, energy, traffic and other commercial and industrial uses. The Company is headquartered in Vancouver, Washington and has ten manufacturing facilities across the United States and Mexico.

This release contains forward-looking statements about the credit agreement, including explicit and implied statements by Mr. Dunham regarding the future use and availability of funds under the credit agreement. These statements reflect management's current information about the credit agreement mentioned above and management's current views and estimates of future economic and market circumstances, industry conditions and Company performance. Actual results could vary materially from the description contained herein due to many factors including economic trends, interest rate fluctuations, and the company's ability to meet financial covenant contained in the credit agreement due to factors affecting the company such as market demand, operating efficiencies, availability and price of raw materials, and other risks described from time to time in the Company's reports to the Securities and Exchange Commission.

Contact Information

  • For more information, contact:
    Brian Dunham
    360-397-6250