US-based steel service provider Olympic Steel Inc. has amended and extended the maturity of its existing $625 million, five-year asset-based revolving credit facility through April 17, 2030. The revolving credit facility is secured primarily by the accounts receivable, inventory, property, equipment and select real estate owned by the company, also including an increase option of up to $200 million.
After giving effect to the amendment and the extension, the company had approximately $269 million of funds under the revolving credit facility. Olympic Steel plans to use funds borrowed under the credit facility for working capital needs, acquisitions and funding of future growth initiatives.
"Our continued discipline around working capital and operating expenses has afforded us a great deal of liquidity and flexibility under the revolving credit facility, which we intend to use to sustain our ongoing operations, as well as our acquisition and organic growth initiatives,” stated Richard A. Manson, CFO of Olympic Steel.