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.