NOV. 10 12:55 P.M. ET Reliance Steel & Aluminum Co. said Friday it received a new, five-year, $1.1 billion revolving credit facility that may be increased to up to $1.6 billion at the company's request with approval from the lenders.
The banking syndication with 15 banks was led by Bank of America.
Reliance said it used funds from the financing to pay for Earle M. Jorgensen Co.'s repurchase of its $249.7 million of 9.75 percent senior secured notes due 2012, and for working capital and general corporate purposes.
The new credit facility replaces the company's existing $700 million credit facility and its $100 million short-term credit line. As of Sept. 30, $600 million was drawn on the $700 million facility and $50 million was drawn on the $100 million facility.
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