US service centre chain Olympic Steel has increased funding and extended the maturity of its existing credit facility, Kalllanish understands.
According to an announcement by Olympic Steel, the company has amended its existing $475 million, five-year asset-based revolving credit facility by increasing available funding by up to $200m. Along with this increased funding, the company extended the maturity of its revolving credit facility by five more years through 16 June, 2026.
“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,” explains Olympic Steel cfo Richard Manson.
Upon implementation of the amendment and extension, Olympic Steel had approximately $190m in available funds under the credit facility. The company intends to use the additional funding for capital needs, acquisitions, and future growth initiatives.
“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,” Manson adds.
Zach Johnson USA