Ryerson cuts pricing and extends maturity for ABL credit facility

By Marisa Wong

Madison, Wis., April 4 - Ryerson Inc. said it amended its asset-backed lending credit facility to reduce pricing and to extend the maturity date.

The interest rate has been lowered by 25 to 50 basis points, and the commitment fee has been reduced by 12.5 bps, according to a company press release.

The new maturity is the earlier of April 3, 2018 or Aug. 16, 2017 if the company's $600 million senior secured notes due 2017 have not been refinanced. This extends the maturity of the facility at least one year.

"We took advantage of favorable market conditions amidst the ongoing positive results generated by Ryerson's strategic transformation to amend the ABL, lowering our interest rate and extending the maturity," chief financial officer Eddie Lehner said in the release.

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

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