SCOTTSDALE, Ariz., Sept. 16, 2024 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE:RS) announced today that effective September 10, 2024, it has entered into an amended and restated $1.5 billion five-year unsecured revolving credit facility (the "Facility"). The Company intends to use funds borrowed under the Facility from time to time for general corporate purposes, growth and stockholder return activities.
"We are very pleased with the terms achieved for this new credit facility," said Karla Lewis, President and Chief Executive Officer of Reliance. "Our improved financial condition and upgraded credit ratings since our most recent renewal in 2020 have enabled us to secure more favorable pricing and fewer restrictive covenants. We believe this amended and restated credit agreement not only strengthens our already robust liquidity position but also enhances our capacity to continue pursuing our capital allocation priorities. We extend our gratitude to our banking partners for their steadfast support as we continue to strategically allocate capital for growth and enhanced stockholder returns."
Bank of America N.A. is the Administrative Agent; JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association are Co-Syndication Agents; and PNC Bank, National Association and the Toronto-Dominion Bank, New York Branch are Co-Documentation Agents. BofA Securities, Inc., JPMorgan Chase Bank, N.A. and Wells Fargo Securities, ...
