Bank of America is serving as administrative agent for a amended and restated $1.5 billion five-year unsecured revolving credit facility for Reliance Steel & Aluminum. The amended and restated facility will replace Reliance’s existing agreement.

JPMorgan Chase Bank and Wells Fargo Bank are the co-syndication agents for the amended and restated facility, while BofA Securities, JPMorgan Chase Bank and Wells Fargo Securities were the joint lead arrangers and joint book managers.

The facility includes an increase option for up to an additional $1 billion and allows for prepayments. The facility does not have an outstanding balance. Reliance 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 favorable terms achieved for this new credit facility in the current challenging environment,” Jim Hoffman, president and CEO of Reliance, said. “The facility amendment, combined with the net proceeds from our $900 million senior notes offering in late July, has significantly enhanced our liquidity position. This enables us to continue successfully operating through these unprecedented times and executing all of our capital allocation strategies, including both growth and stockholder returns. We appreciate the ongoing support of the syndicate of banks involved in our credit agreement.”

Founded in 1939 and headquartered in Los Angeles, Reliance Steel & Aluminum is a metal solutions provider and metals service center company.