Olympic Steel, a national metals service center, amended and extended the maturity of its existing $475 million, five-year asset-based revolving credit facility through June 16, 2026.

The revolving credit facility is secured primarily by the accounts receivable, inventory and property and equipment of the company, excluding real estate. The facility includes an increase option of up to $200 million. Additionally, the amendment provides for the ability to add real estate as collateral, at the company’s discretion.

Upon entering into the amendment and extension, Olympic Steel had approximately $190 million of availability under the credit facility. The company intends to use funds borrowed under the revolving credit facility for working capital needs, acquisitions and funding of future growth initiatives.

“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,” Richard A. Manson, CFO of Olympic Steel, said. “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.”

Bank of America is the administrative agent and joint lead arranger for the facility. BofA Securities is the joint bookrunner. Wells Fargo Bank is the joint lead arranger, joint bookrunner and syndication agent. Keybank is the documentation agent.