Olympic Steel secures $125 million asset based credit facility

Friday, 09 July 2010 11:35:42 (GMT+2)

Cleveland, Ohio-based US metals service center Olympic Steel, Inc. announced on June 8, that it completed a new $125 million five-year asset based credit facility on June 30, 2010, which replaces the Olympic Steel's existing $130 million credit facility that was due to expire in December 2011, providing the ability to increase the size of the facility up to $175 million. The new credit facility has a maturity date of June 30, 2015.

The company intends to use the funds in question to grow its business over the next five years, by securing a favorable capital structure to grow through greenfield locations and acquisition opportunities.

Founded in 1954, Olympic Steel is a metals service center focused on the direct sale and distribution of large volumes of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel and aluminum products.

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