Olympic Steel Inc., a leading national metals service center, announced that it 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. The revolving credit facility includes an increase option of up to $200 million.
After giving effect to the amendment and the extension, the Company had approximately $269 million of availability under the revolving credit facility. The Company intends to use funds borrowed under the revolving credit facility for working capital needs, acquisitions and funding of future growth initiatives.
Bank of America, N.A. is the Administrative Agent and Joint Lead Arranger. BofA Securities, Inc. is the Joint Bookrunner. Wells Fargo Bank, National Association is the Joint Lead Arranger, Joint Bookrunner and Syndication Agent. KeyBank National Association is the Documentation Agent, and The Huntington National Bank and Fifth Third Bank, National Association, are Co-Agents.
Courtesy of Olympic Steel.