- Olympic Steel Inc. (ZEUS, Financial) extends its $625 million revolving credit facility to mature on April 17, 2030.
- The company has $269 million available under the amended facility, allowing for increased financial flexibility.
- Funds will be allocated for working capital, acquisitions, and future growth initiatives.
Olympic Steel Inc. (ZEUS), a foremost national metals service center, announced the successful amendment and extension of its existing $625 million, five-year asset-based revolving credit facility. The facility now extends its maturity through April 17, 2030. This facility is primarily secured by the company’s accounts receivable, inventory, property, equipment, and select real estate holdings.
The amended facility includes a provision for an increase option of up to $200 million. Post-amendment, Olympic Steel maintains approximately $269 million of availability under this revolving credit line, which is set to aid in addressing working capital needs, acquisitions, and future growth strategies.
"Through the support of our banking syndicate, the amendment and five-year extension furnish Olympic Steel with an excellent source of low-cost capital," remarked Richard A. Manson, Chief Financial Officer. He emphasized the company’s ongoing discipline regarding working capital and operating expenses, which provides substantial liquidity and flexibility.
The credit arrangement is supported by key financial institutions: Bank of America, N.A. serves as the Administrative Agent and Joint Lead Arranger, with BofA Securities, Inc. as the Joint Bookrunner. Wells Fargo Bank, National Association acts as the Joint Lead Arranger, Joint Bookrunner, and Syndication Agent. Additionally, KeyBank National Association, The Huntington National Bank, and Fifth Third Bank, National Association, are instrumental in the facilitation of the agreement.
Founded in 1954, Olympic Steel (ZEUS, Financial), headquartered in Cleveland, Ohio, operates from 54 facilities and specializes in the direct sale and processing of various metals and metal-intensive products.
