Olympic Steel has signed a new $400 million credit agreement that gives the service center additional resources for future growth. “The increased borrowing capacity and more favorable terms provided by this agreement underscore the confidence our lenders have in our business. The low-cost capital structure enhances our flexibility and positions us well for both internal and external growth opportunities,” said Olympic CFO Richard Marabito.
Cleveland-based Olympic Steel, the nation’s 13th rank service center organization with more than $1 billion in annual sales, has entered into an amended and restated five-year loan and credit agreement. The agreement, led by Bank of America, increases the size of the company’s credit facility from $365 million to $400 million, and extends the maturity to Dec. 8, 2022. Additionally, the new credit agreement allows for lenders to increase commitments up to a total of $600 million, subject to certain conditions. At closing, the company had approximately $199 million of outstanding borrowings and $137 million of availability under the new credit agreement.
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