Reliance Steel & Aluminum plans $1 billion credit facility

By Sara Rosenberg

New York, Oct. 12 - Reliance Steel & Aluminum Co. plans on getting a new about $1 billion syndicated credit facility, according to a company news release.

The company declined to comment on specifics of the deal, such as lead banks and structure.

Proceeds will be used to fund a cash tender offer for $249.995 million of 9¾% senior secured notes due 2012 that were issued by its wholly owned subsidiary, Earle M. Jorgensen Co.

The tender offer expires on Nov. 8.

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

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