BofA Securities, JPMorgan Chase Bank and Wells Fargo Bank acted as joint lead arrangers and joint bookrunners on the maturity extension of a $1 billion revolving credit facility for Ryseron Holding Corporation, a processor and distributor of industrial metals.

Bank of America is the administrative agent and collateral agent and JPMorgan Chase Bank and Wells Fargo Bank are co-syndication agents.

Ryerson expects to continue to use the facility for general corporate purposes, including working capital needs, capital expenditures, funding of possible acquisitions and satisfaction of other obligations of the company. The revolving credit facility is secured primarily by the inventory and accounts receivable of the company’s U.S. and Canadian operating subsidiaries.

“The amendment and five-year extension of our revolving credit facility marks another important advancement in improving our balance sheet and cost of debt capital following our successful bond refinancing completed during July of this year.  We appreciate the ongoing support of the syndicate of banks involved in our asset-based lending facility,” Eddie Lehner, president and CEO of Ryerson, said.

“We are very pleased with the terms and improved structuring of the facility. Based on market interest rate trends, Ryerson expects to reduce its cash interest expense by an additional $3 million to $5 million annually compared to our prior year revolving credit facility cash interest while further improving our credit quality and profile,” Molly Kannan, controller and chief accounting officer at Ryerson, said.