Ryerson Tull closes on new $450 million revolver

New York, Dec. 20 - Ryerson Tull, inc. said it closed on a new $450 million four-year secured revolving credit agreement.

The new facility replaces the company's $200 million trade receivables securitization facility expiring in March 2003 and $175 million revolving credit agreement, which extends to July 2004.

Backing for the new facility is Ryerson Tull's accounts receivables and inventory.

The Chicago metals processor said the new agreement makes annual renewal of the accounts receivable securitization unnecessary.

In addition to increased size relative to the old facilities, the new agreement has fewer covenants and restrictions on its use, the company said.

Ryerson Tull can use the facility at any time to redeem its $100 million 9.125% notes due 2006.

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