Ryerson Holding reduced its credit facility to $750 million and extended its maturity date. Ryerson expects to continue using the facility for general corporate purposes, which may include working capital needs, capital expenditures, funding of possible acquisitions and satisfaction of other obligations of the company.

The credit facility is secured primarily by the inventory and accounts receivable of the company’s U.S. and Canadian operating subsidiaries. The amended agreement extended the maturity date to November 16, 2021. Under the amended agreement, the total credit facility size was reduced to $750 million, the interest rate on current outstanding borrowings decreased 25 basis points, and commitment fees on amounts not borrowed were reduced 2.5 basis points, as compared to the credit facility prior to the amendment.

According to a related 8-K filing, Bank of America served as administrative agent and collateral agent for the lender group.

“Ryerson’s strong financial performance and capital structure improvements allowed us to lower the interest rate and extend the maturity date on the credit facility,” stated Erich Schnaufer, Ryerson’s chief financial officer. “This amendment reduces our borrowing costs while maintaining the liquidity necessary to grow our business and continue our transformation.”

Chicago-based Ryerson is a processor and distributor of metals with operations in the U.S., Canada, China and Mexico.