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RS

Reliance Steel

$72.03

-0.2 (-0.28%)

06:52
10/03/16
10/03
06:52
10/03/16
06:52

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.

RS Reliance Steel
$72.03

-0.2 (-0.28%)

06/15/16
BOFA
06/15/16
NO CHANGE
BOFA
US steel prices stagnating from here, says BofA/Merrill
BofA/Merrill analysts led by Timna Tanners believes hot rolled coil , or HRC, steel prices will peak at $600/ton in Q3. The firm's contacts indicate import offers have been increasingly attractive and expect rising imports to hurt prices in Q4. BofA/Merrill raised 2016 average U.S. benchmark HRC to $530/ton from $485/ton but sees pressures ahead from scrap prices flat-to-down from a Q2 peak, cheaper imports, Big River starting and CSN restarting capacity, and Q4 seasonality. The firm upgraded U.S. Steel (X) to Neutral based on higher sheet price forecasts and reduced liquidity risks.
07/28/16
BOFA
07/28/16
UPGRADE
BOFA
Neutral
Reliance Steel upgraded to Neutral from Underperform at BofA/Merrill
07/28/16
07/28/16
UPGRADE

Neutral
Reliance Steel upgraded to Neutral on steadier earnings at BofA/Merrill
As previously reported, BofA/Merrill upgraded Reliance Steel to Neutral from Underperform and raised its price target to $84 from $77. Analyst Timna Tanners is switching to a more defensive position given the retracement in shares. The analyst said Relieance's earning have been steadier given its diversified product mix and reduced exposure to the pricing environment in carbon sheet, which could drop by $100/ton by year end.
09/15/16
BOFA
09/15/16
NO CHANGE
BOFA
BofA/Merrill cautious on US steel prices correcting into 2H 2016
BofA/Merrill analyst Timma Tanners is cautious on U.S. steel prices correcting into 2H 2016 and expects foreign tons to target the U.S. to shrink the U.S. premium. The analyst lowered Q4 HRC spot price to $520/st from $570/st and trimmed 2H 2016 volume assumptions due to inventory destocking and shorter lead times. As a result, Tanners lowered price target on U.S. Steel (X) to $16 from $21 , Reliance Steel (RS) to $78 from $84, Nucor (NUE) to $50 from $55, Steel Dynamics (STLD) to $27 from $28, and Commercial Metals (CMC) to $15 from $16.

TODAY'S FREE FLY STORIES

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MS

Morgan Stanley

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ORCL

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AES

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MS

Morgan Stanley

$55.35

0.75 (1.37%)

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GDX

Market Vector Gold Miners

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Morgan Stanley

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GLD

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NUGT

Direxion Gold Miners Bull

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Morgan Stanley

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JNUG

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DUST

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BA

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MS

Morgan Stanley

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JDST

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VXX

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PPG

PPG

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