RELIANCE STEEL : & Aluminum Co. Announces a New $1.5 Billion Credit Facility
07/27/2011| 08:55am US/Eastern
Reliance Steel & Aluminum Co. (NYSE:RS) announced today that it 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 that would have matured on November 20,
David H. Hannah, Chairman and CEO of Reliance, said, "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. 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. 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
Reliance Steel & Aluminum Co.'s press releases and additional
information are available on the Company's web site at www.rsac.com.
The Company was named to the 2011 "Fortune 500" List and the 2011 Fortune
List of "The World's Most Admired Companies."
This release may contain forward-looking statements. Actual results and
events may differ materially as a result of a variety of factors, many
of which are outside of Reliance Steel & Aluminum Co.'s control. Risk
factors and additional information are included in Reliance Steel &
Aluminum Co.'s reports on file with the Securities and Exchange
Commission, including Reliance Steel & Aluminum Co.'s Annual Report on
Form 10-K for the year ended December 31, 2010 and Quarterly Report on
Form 10-Q for the quarter ended March 31, 2011.
Reliance Steel & Aluminum Co.
Kim P. Feazle
© Business Wire 2011