Olympic Steel gets $125 million revolver via Bank of America and JPM

By Sara Rosenberg

New York, July 7 - Olympic Steel Inc. closed on a new $125 million revolving credit facility due June 30, 2015, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Bank of America and JPMorgan acted as the joint lead arrangers and bookrunners on the deal that was completed on June 30, with Bank of America the administrative agent.

Pricing on the revolver ranges from Libor plus 250 basis points to 300 bps, and the commitment fee range from 37.5 bps to 62.5 bps, based on use. Initial pricing is Libor plus 250 bps with a 62.5 bps commitment fee.

There is a $50 million accordion feature.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Olympic Steel is a Bedford Heights, Ohio-based processor and distributor of processed carbon, coated, aluminum and stainless flat-rolled sheet, and coil and plate steel products.

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