Russel Metals Credit Agreement

About Russel MetalsRussel Metals is one of the largest metals distribution companies in North America. It is present in three metal distribution segments: metal service centres, energy products and steel traders. The metal service centre network performs a wide range of metal products in a wide range of sizes, shapes and specifications, including hot and cold rolling, piping and piping products, stainless steel, aluminum and other special metals. The business lines are beneficial to energy through a range of products dedicated to customers in the energy industry. Steel distributors operate as major distributors that sell large quantities of steel to other steel service centres and large equipment manufacturers, primarily on the “as is” basis. Please note that the recording of the following ratings is only for informational purposes and does not reflect the agreement of Russel Metals or the rejection of the opinions expressed by the rating agency. TORONTO, September 29, 2020 /PRNewswire/ – Russel Metals Inc. (TSX: RUS) announces that it has expanded its $450 million credit facility with a consortium of major banks led by RBC Capital Markets. The credit facility was extended from September 21, 2021 to September 21, 2023. In addition to the extension, the credit contract has been updated to allow additional flexibility on the basis of credit and other improvements. . Martin L.

Juravsky, Executive Vice President and Chief Financial Officer, commented, “Russell is very pleased with the continued support of our long-standing lenders. The conclusion of this expansion, combined with our cash position, provides us with current liquidity and financial flexibility if we assess the potential for increased shareholder value. If you want to opt out of receiving press releases, you can do so by email [email protected]. or call our Investor Relations Line: 905-816-5178. On November 5, 2020, Russel Metals will repay $150 million in capital from its 6% senior Unsecured Notes and on November 12, 2020, Russel Metals will collect the balance of $150 million of the 6% senior notes, allowing them to repay and fully discharge. On October 27, 2020, Russel Metals issued $150 million in priority unsecured debt, which matures in 2025. The bonds are due on October 27, 2025. Interest on bonds is payable at a rate of 5.75% per annum and is due on October 27, 2021 for an equivalent amount.

Comments are closed.