Reliance Steel & Aluminum Co. Announces Amended and Restated $1.5 Billion Credit Facility

LOS ANGELES, Sept. 08, 2020 (GLOBE NEWSWIRE) -- Reliance Steel & Aluminum Co. (NYSE: RS) announced today that it has entered into an amended and restated $1.5 billion five-year unsecured revolving credit facility (the “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.

About Reliance Steel & Aluminum Co.
Founded in 1939 and headquartered in Los Angeles, California, Reliance Steel & Aluminum Co. (NYSE: RS) is a leading global diversified metal solutions provider and the largest metals service center company in North America. Through a network of more than 300 locations in 40 states and 13 countries outside of the United States, Reliance provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance focuses on small orders with quick turnaround and increasing levels of value-added processing. In 2019, Reliance’s average order size was $2,090, approximately 51% of orders included value-added processing and approximately 40% of orders were delivered within 24 hours. Reliance Steel & Aluminum Co.’s press releases and additional information are available on the Company’s website at www.rsac.com.