04:50 PM EDT, 03/20/2024 (MT Newswires) -- AZZ (AZZ) said late Wednesday it refinanced $980 million term loan B due May 2029.

The move cuts the loan's interest rate margin by 50 basis points to secured overnight financing rate, plus 325 basis points, which will lead to annual savings of about $5 million a year, the company said.

AZZ shares were rising 1% in recent after-hours activity.

Price: 80, Change: +0.82, Percent Change: +1.04