On Friday, Los Angeles, California-based service center Reliance Steel & Aluminum Co. announced that it has amended and restated its existing $1.5 billion unsecured revolving credit facility and raised $500 million in a new term loan. The credit agreement has a term of five years, expiring April 4, 2018 and includes an increase option of the revolving credit facility for up to an additional $500 million.
David Hannah, Reliance's Chairman and CEO explained that "these financing transactions are a significant step in obtaining the financing necessary to complete our previously announced acquisition of Metals USA that we expect to close in Q2 2013."