Ryerson Amends Credit Facility, Reducing Interest Rate And Extending Maturity
CHICAGO, April 4, 2013 /PRNewswire/ -- Ryerson Inc. announced that it has amended its Asset Backed Lending (ABL) credit facility. "We took advantage of favorable market conditions amidst the ongoing positive results generated by Ryerson's strategic transformation to amend the ABL, lowering our interest rate and extending the maturity," stated Eddie Lehner, Ryerson's Chief Financial Officer.
Under the terms of the new agreement, the interest rate on the ABL is reduced by 25 to 50 basis points. Additionally, the new ABL reduces the commitment fee on unused borrowings by 12.5 basis points. The new maturity is the earlier of April 3, 2018 (five years from the amendment date) or August 16, 2017 if the company's $600 million Senior Secured Notes due 2017 have not been refinanced. This extends the maturity of the new ABL at least one year.
About Ryerson Inc.
Ryerson Inc., a Platinum Equity company, is a leading North American processor and distributor of metals, with operations in the United States, Mexico, Canada, China and Brazil. The Company distributes and processes various kinds of metals, including stainless and carbon steel and aluminum products.Forward-Looking Statements This release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the use of forward-looking terminology such as "believes," "expects," "intends," "may," "estimates," "will," "should," "plans" or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Moreover, we caution you not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. We do not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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