Reliance Steel & Aluminum Announces New Credit Facility
07/28/2011 - Reliance Steel & Aluminum has amended and restated its existing $1.1 billion unsecured revolving credit facility for five years and increased the size to $1.5 billion.
Reliance Steel & Aluminum Co. has amended and restated its existing $1.1 billion unsecured revolving credit facility for five years and increased the size to $1.5 billion.
The restated credit facility includes an increase option for up to an additional $500 million and includes more favorable pricing terms than the company’s prior facility, which would have matured on November 20, 2012.
“We were pleased with the response from our existing bank group and appreciate their continued support, as well as the strong interest from new banks,” said David H. Hannah, Chairman and CEO of Reliance. “Our credit facility now includes 26 banks, compared to 16 banks in our prior facility.
“The increased size of the credit facility will allow us to continue our growth of existing operations as well as anticipated acquisition opportunities,” added Hannah. “The more favorable pricing terms in the new facility will also contribute to our earnings.”
Bank of America, N.A. is the Administrative Agent and Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P.Morgan Securities LLC and Wells Fargo Securities, LLC were the Joint Lead Arrangers and Joint Book Managers.
Reliance Steel & Aluminum is a leading North American metals service center company. Through a network of more than 200 locations in 38 states, Belgium, Canada, China, Malaysia, Mexico, Singapore, South Korea and the United Kingdom, the company provides value-added metals processing services and distributes a full line of more than 100,000 metal products. Some of these metals service centers provide processing services for specialty metals only. The company was named to the 2011 “Fortune 500” List and the 2011 Fortune List of “The World’s Most Admired Companies.”
