Units of Chase Manhattan Corp., Mellon Banking Corp., and PNC Bank Corp. have completed two credit facilities totaling $170 million for Armco Inc.

The new $120 million receivables facility and $50 million inventories facility replace a secured, two-year credit agreement for the same amount that had been extended to mature on Jan. 31.

A spokesman for Armco said Chase is lead bank and Mellon and PNC are co- agents.

Armco Inc. produces specialty flat-rolled stainless, electrical, and carbon steels at five sites in Pennsylvania and Ohio.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.