Olympic Steel Inc. (Nasdaq: ZEUS), a leading national metals
service center, today announced that it has entered into an amended and
restated five-year loan and credit agreement.
The amended and restated facility, led by Bank of America as agent bank,
replaces the Company's previous credit agreement, increases the size of
credit facility from $365 million to $400 million, and extends the
maturity to December 8, 2022. Additionally, the new credit agreement
allows for lenders to increase commitments up to a total of $600
million, subject to certain conditions. At closing, the Company had
approximately $199 million of outstanding borrowings and $137 million of
availability under the new credit agreement.
Richard Marabito, Olympic Steel's Chief Financial Officer said, "The
increased borrowing capacity and more favorable terms provided by this
agreement underscore the confidence our lenders have in our business.
The low-cost capital structure enhances our flexibility and positions us
well for both internal and external growth opportunities."
About Olympic Steel
Founded in 1954, Olympic Steel is a leading U.S. metals service center
focused on the direct sale and distribution of large volumes of
processed carbon, coated and stainless flat-rolled sheet, coil and plate
steel and aluminum products. The Company's CTI subsidiary is a leading
distributor of steel tubing, bar, pipe, valves and fittings, and
fabricates pressure parts for the electric utility industry.
Headquartered in Cleveland, Ohio, Olympic Steel operates from 30
facilities in North America.
For additional information, please visit the Company's website at www.olysteel.com
or http://ir.olysteel.com/Contact_Us?BzID=2195
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Olympic Steel Investor Relations
Matthew J. Dennis, CFA,
216-672-0522