TORONTO, Sept. 29, 2020 /PRNewswire/ - Russel Metals Inc.
(TSX: RUS) announces that it has extended its $450 million credit facility with a syndicate of
major banks led by RBC Capital Markets. The credit facility
has been extended from September 21,
2021 to September 21,
2023. In addition to the extension, the credit agreement has
been updated to provide additional borrowing base flexibility and
other improvements.
Martin L. Juravsky, Executive
Vice President and CFO commented, "Russel is very pleased to have
the ongoing support of our long-standing lenders. The
completion of this extension, in combination with our cash
position, provides us with strong ongoing liquidity and financial
flexibility as we evaluate opportunities to enhance value for our
shareholders."
About Russel Metals
Russel Metals is one of the
largest metals distribution companies in North America. It
carries on business in three metals distribution segments:
metals service centers, energy products and steel
distributors. Its network of metals service centers
carries an extensive line of metal products in a wide range of
sizes, shapes and specifications, including carbon hot rolled and
cold finished steel, pipe and tubular products, stainless steel,
aluminum and other non-ferrous specialty metals. Its energy
products operations carry a specialized product line focused on the
needs of energy industry customers. Its steel distributors
operations act as master distributors selling steel in large
volumes to other steel service centers and large equipment
manufacturers mainly on an "as is" basis.
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SOURCE Russel Metals Inc.