TORONTO, Oct. 1, 2020 /PRNewswire/ - Russel Metals
Inc. (TSX: RUS) today gave notice to redeem $150 million principal amount of its 6.00% senior
unsecured notes due April 19, 2022
(the "Notes") on November 5, 2020, at
a price equal to 100% of the aggregate principal amount of the
Notes to be redeemed plus accrued and unpaid interest thereon to
the date on which they are redeemed. This redemption represents
half of the original $300 million
principal amount of the Notes and will be financed through cash on
hand and borrowings under the company's credit facility.
Martin L. Juravsky, Executive
Vice President and CFO commented, "This redemption, in combination
with the recent extension and update of the company's credit
facility, will substantially reduce Russel's interest expense while
maintaining strong ongoing liquidity."
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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Web site: www.russelmetals.com
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SOURCE Russel Metals Inc.