Reliance Steel & Aluminum obtains $600 million five-year revolver

By Jennifer Chiou

New York, June 14 - Reliance Steel & Aluminum Co. said it has entered into a $600 million five-year unsecured revolving credit facility, replacing a $335 million credit facility.

Reliance chose to increase the facility to $600 million from $400 million due to a significant over-subscription of the credit facility.

Proceeds will be used for working capital, general corporate purposes, internal growth initiatives and acquisition funding.

Banc of America Securities LLC led a 15-bank syndicate.

Los Angeles-based Reliance is a metal service center company.

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