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Reliance Steel & Aluminum Drops Proposed Common Stock Offering
07/28/2008 - Reliance elects not to proceed with its previously announced public offering of 6,750,000 shares of its common stock, which was to help fund its pending acquisition of PNA Group Holding.
Reliance Steel & Aluminum Co. has decided not to proceed with its previously announced public offering of 6,750,000 shares of its common stock due to market conditions.
The company had expected to use the proceeds of the equity offering to fund a portion of the consideration of approximately $1.1 billion for its pending acquisition of PNA Group Holding Corp. Reliance said it expects to complete the acquisition of PNA in early August, and expects to initially fund the purchase price, repayment or refinancing of PNA’s debt, and acquisition costs, with the proceeds of a new term loan and borrowings under its existing revolving credit facility.
Headquartered in Los Angeles, Calif., Reliance Steel & Aluminum is the largest metals service center company in North America (United States 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 a broad range of industries.
