Ryerson announces five-year extension of revolving credit facility

By Cady Vishniac

Detroit, Nov. 9 – Ryerson Holding Corp. amended and extended the maturity of its $1 billion revolving credit facility by five years, according to a company press release.

In addition, the company predicts the amendments to the revolver will reduce annual cash interest expenses by $3 million to $5 million.

The facility is secured by the inventory and accounts receivable of the company’s U.S. and Canadian operating subsidiaries.

Bank of America, NA is the administrative agent and collateral agent on the deal.

JPMorgan Chase Bank, NA and Wells Fargo Bank, NA acted as co-syndication agents.

BofA Securities, Inc., JPMorgan Chase Bank, NA and Wells Fargo Bank, NA were joint lead arrangers and joint bookrunners.

Proceeds will continue to be used for general corporate purposes, capital expenditures, funding of possible acquisitions and satisfactions of other obligations of the company.

Ryerson is a Chicago-based distributor and processor of metals plans.

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