Reliance Steel & Aluminum Co. Announces a New $1.5 Billion Credit Facility

Reliance Steel & Aluminum Co. 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, 2012. 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.”