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Bank of America Agents $1.5B Revolver for Reliance Steel & Aluminum

September 08, 2020, 08:00 AM
Filed Under: Steel

Reliance Steel & Aluminum Co. announced that it has entered into an amended and restated $1.5 billion five-year unsecured revolving credit facility that will replace its existing credit agreement. The Facility includes an increase option for up to an additional $1.0 billion and allows for prepayments.  The Facility does not have an outstanding balance. The Company intends to use funds borrowed under the Facility from time to time for general corporate purposes, growth and stockholder return activities.

“We are very pleased with the favorable terms achieved for this new credit facility in the current challenging environment,” said Jim Hoffman, President and Chief Executive Officer of Reliance. “The Facility amendment, combined with the net proceeds from our $900 million senior notes offering in late July, has significantly enhanced our liquidity position. This enables us to continue successfully operating through these unprecedented times and executing all of our capital allocation strategies, including both growth and stockholder returns. We appreciate the ongoing support of the syndicate of banks involved in our credit agreement.”

Bank of America N.A. is the Administrative Agent and JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association are Co-Syndication Agents. BofA Securities, Inc., JPMorgan Chase Bank, N.A. and Wells Fargo Securities, LLC were the Joint Lead Arrangers and Joint Book Managers.

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