Please note that the inclusion of the ratings below is for informational purposes only and does not reflect the approval or rejection of the opinions expressed by Russel Metals with the opinions of the rating agency. About Russel MetalsRussel Metals is one of the largest metal distribution companies in North America. It operates in three metal distribution segments: metal service center, energy products and steel distributors. The network of metal service centers manages a wide range of metal products in a variety of sizes, shapes and specifications, including carbon and cold rolled steel, piping and piping products, stainless steel, aluminum and other special non-ferrous metals. The Energy Products business manages a specialized product line focused on the needs of customers in the energy sector. Steel distributors act as master distributors who sell large quantities of steel to other steel service centers and large equipment manufacturers, mainly on an “as is” basis. TORONTO, Sept. 29, 2020 /PRNewswire/ — Russel Metals Inc. (TSX: RUS) announces that it has extended its $450 million loan facility with a consortium of major banks led by RBC Capital Markets. The line of credit was extended from September 21, 2021 to September 21, 2023. In addition to the extension, the credit agreement has been updated to provide additional flexibility in the credit base and other improvements. On October 27, 2020, Russel Metals issued priority unsecured debt maturing in 2025 for $150 million. The bonds will mature on October 27, 2025.
Interest on the bonds will be paid at the interest rate of 5.75% per annum and will be payable retrospectively in equal instalments on October 27 and April 27 from April 27, 2021. On November 5, 2020, Russel Metals will recover the nominal sum of 6% of its 6% senior ratings of 150 million. C$, and on November 12, 2020, Russel Metals will recover the remaining nominal sum of $150 million. C$ of the 6% of senior grades, which will have the effect of repaying in full and lightening the load. . Martin L. Juravsky, Executive Vice President and Chief Financial Officer, said: “Russel is pleased with the continued support of our long-standing lenders. The completion of this expansion, combined with our cash position, provides us with sustained financial liquidity and flexibility as we assess opportunities to increase value for our shareholders. If you wish to unsubscribe from receiving press releases, you can do so by email at [email protected].
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