Russel Metals extended its $450 million credit facility with a syndicate of banks led by RBC Capital Markets. The credit facility was extended from Sept. 21, 2023, to Sept. 21, 2025. In addition to the extension, the amended credit agreement includes a more favorable interest rate grid.
“We are very pleased to have the ongoing support of our longstanding lenders, extend the term and thereby maintain our strong financial flexibility,” Martin L. Juravsky, executive vice president and CFO of Russel Metals, said. “In addition, the combination of the more favorable interest rate grid, the recent credit rating upgrade by S&P Global to BB+ and the initiation of an investment grade corporate credit rating by DBRS Morningstar at BBB (low) will lower the cost of our bank debt.”
