Reliance Steel to draw on facility, issue new debt and equity for PNA purchase

By Sara Rosenberg

New York, June 17 - Reliance Steel & Aluminum Co. plans to use borrowings under its existing credit facility and expects to raise about $750 million through the issuance of new debt and equity securities to fund the acquisition of PNA Group Holding Corp., according to a news release.

Reliance is buying PNA, a processor and distributor of carbon steel plate, bar, structural and flat-rolled products, from Platinum Equity in a transaction valued at about $1.1 billion.

The transaction is expected to close within the next 60 days, subject to the satisfaction of certain conditions, including obtaining required regulatory approvals.

Reliance Steel is a Los Angeles-based metals service center company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.