Reliance Steel announces new $2.1B credit agreement
Reliance Steel & Aluminum announced that on September 30 it entered into a new credit agreement comprised of a $1.5B unsecured revolving credit facility and a $600M unsecured term loan. The new credit agreement, which has a term of five years, replaces the company's existing credit agreement. Both facilities allow for prepayments, and the credit agreement includes an option to increase the revolving credit facility for up to an additional $500M. The terms of the new credit agreement are substantially consistent with the existing credit agreement. The company intends to use proceeds from the revolving credit facility to retire $350M of 6.2% senior unsecured notes when they mature on November 15, 2016.