TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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June 17, 2021
Source: Businesswire
Olympic Steel Inc. (Nasdaq: ZEUS), a leading national metals service center, today announced that it has amended and extended the maturity of its existing $475 million, five-year asset-based revolving credit facility through June 16, 2026.
The revolving credit facility is secured primarily by the accounts receivable, inventory and property and equipment of the Company, excluding real estate. The facility includes an increase option of up to $200 million. Additionally, the amendment provides for the ability to add real estate as collateral, at the Company’s discretion.
Upon entering into the amendment and extension, the Company had approximately $190 million of availability under the credit facility. The Company intends to use funds borrowed under the revolving credit facility for working capital needs, acquisitions and funding of future growth initiatives.
“The amendment and five-year extension of our revolving credit facility provides us with an excellent source of low-cost capital to sustain our ongoing operations, as well as additional capital to fund acquisitions and our organic growth,” said Olympic Steel Chief Financial Officer Richard A. Manson. “Our continued focus on working capital management and operating expense efficiency has afforded us a great deal of liquidity and flexibility under the revolving credit facility. We appreciate the ongoing support of the syndicate of banks involved in the credit facility.”
Bank of America, N.A. is the Administrative Agent and Joint Lead Arranger. BofA Securities, Inc. is the Joint Bookrunner. Wells Fargo Bank, National Association is the Joint Lead Arranger, Joint Bookrunner and Syndication Agent. Keybank National Association is the Documentation Agent.
About Olympic Steel
Founded in 1954, Olympic Steel is a leading U.S. metals service center focused on the direct sale of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminum, tin plate, and metal-intensive branded products. The Company’s CTI subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricator of value-added parts and components. Headquartered in Cleveland, Ohio, Olympic Steel operates from 36 facilities in North America.
For additional information, please visit the Company’s website at www.olysteel.com.
Contacts
Richard A. Manson
Chief Financial Officer
(216) 672-0522
ir@olysteel.com
