Reliance Steel & Aluminum Co. has entered into a $600 million, five-year, unsecured revolving credit facility that replaces the company's previous $335 million credit facility.

Reliance initially approached the bank market to raise $400 million in credit commitments. Given the significant over-subscription of the credit facility however, the company elected to increase the facility amount to $600 million. The syndicate, which includes 15 banks, was arranged by Banc of America Securities LLC.

The company plans to use its credit facility for working capital and general corporate purposes, internal growth initiatives, and the funding of acquisitions. "We were very pleased with the positive response from the banking community. The terms and pricing are more favorable than those under the previous credit facility. The increased credit capacity will allow us to continue the Company's successful growth strategy," said David H. Hannah, Reliance's CEO.

Headquartered in Los Angeles, Calif., Reliance Steel & Aluminum Co. is one of the largest metals service center companies in the United States. Through a network of more than 100 locations in 31 states and Belgium, France and South Korea, the company provides value-added metals processing services and distributes a full line of over 90,000 metal products. These products include galvanized, hot-rolled and cold-finished steel; stainless steel; aluminum; brass; copper; titanium and alloy steel sold to more than 95,000 customers in various industries.