AZZ Announces New $450 Million Revolving Credit Facility

3/26/17

AZZ Inc. (NYSE:AZZ), a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services to the power generation, transmission, distribution and industrial markets, today announced it entered into a new credit agreement as of March 21, 2017, amending and restating the existing credit agreement, originally dated March 27, 2013 and amended on August 8, 2016. The new five-year, $450 million revolving credit facility, which will expire on March 21, 2022, contains a $150 million accordion feature to upsize the facility to $600 million if needed, and also includes a $75 million sub-limit for the issuance of letters of credit.

"I'm very pleased to finalize a new credit agreement with our banking partners," said Paul Fehlman, AZZ's Chief Financial Officer. "We believe the new credit facility accomplishes the important strategic goal of providing us significant financial flexibility at lower credit spreads that will support our growth initiatives, and positions us to consider strategic opportunities that can add value to our business. The new agreement further demonstrates the confidence our banking partners have in the financial strength of our business."

The new credit agreement contains customary representations, warranties, covenants and events of default. The Company's obligations under the new agreement are unsecured, but all of the Company's subsidiaries (other than the subsidiaries organized in a jurisdiction outside of the United States) have guaranteed such obligations. The Company today also filed a Form 8-K with the Securities and Exchange Commission describing additional terms and conditions of the new credit agreement.

About AZZ Inc.

AZZ Inc. is a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services to the markets of power generation, transmission, distribution and industrial in protecting metal and electrical systems used to build and enhance the world's infrastructure. AZZ Galvanizing is a leading provider of metal finishing solutions for corrosion protection, including hot dip galvanizing to the North American steel fabrication industry. AZZ Energy is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in the energy markets worldwide.

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