Reliance Announces Public Offering of Common Stock
07/18/2008 - Reliance Steel & Aluminum announces its intention to offer 6,750,000 shares of its common stock in a registered public offering.
Reliance Steel & Aluminum Co. announced that it intends to offer 6,750,000 shares of its common stock in a registered public offering.
Reliance said it intends to use net proceeds from the offering (together with funds drawn under its existing revolving credit facility and borrowings under a proposed $250 million unsecured senior term loan facility) to fund the consideration for its proposed acquisition of PNA Group Holding Corp. and the related repayment or refinancing of PNA’s outstanding indebtedness.
J.P. Morgan Securities Inc., UBS Investment Bank and Banc of America Securities LLC will act as joint bookrunning managers for the offering. In addition, Citi, KeyBanc Capital Markets, Wachovia Securities and Wells Fargo Securities will act as co-managers of the offering.
The underwriters are expected to be granted an option to purchase up to 1,012,500 additional shares of common stock from Reliance to cover over-allotments, if any.
Headquartered in Los Angeles, Calif., Reliance Steel & Aluminum Co. is the largest metals service center company in the U.S. and Canada. Through a network of more than 180 locations in 37 states and Belgium, Canada, China, South Korea and the United Kingdom, the company provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in various industries.
