Russel Metals Announces Extension of its $450 Million Credit Facility
Russel Metals Inc. (TSX: RUS) announced the extension of its $450 million credit facility with major banks, led by RBC Capital Markets, until September 21, 2023.
Sentiment and the balance of points
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Rhea-AI Summary
Russel Metals Inc. (TSX: RUS) announced the extension of its $450 million credit facility with major banks, led by RBC Capital Markets, until September 21, 2023. The agreement has been updated to enhance borrowing base flexibility. CEO Martin L. Juravsky expressed satisfaction with the lenders' support, emphasizing that this extension, combined with their cash position, provides robust liquidity and financial flexibility for future growth opportunities.
Positive
- Extended credit facility of $450 million until September 21, 2023.
- Updated credit agreement provides additional borrowing base flexibility.
- Strong liquidity position enables evaluation of growth opportunities.
Negative
- None.
Details
News Market Reaction – RUSMF
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TORONTO, Sept. 29, 2020 /PRNewswire/ - Russel Metals Inc. (TSX: RUS) announces that it has extended its
Martin L. Juravsky, Executive Vice President and CFO commented, "Russel is very pleased to have the ongoing support of our long-standing lenders. The completion of this extension, in combination with our cash position, provides us with strong ongoing liquidity and financial flexibility as we evaluate opportunities to enhance value for our shareholders."
About Russel Metals
Russel Metals is one of the largest metals distribution companies in North America. It carries on business in three metals distribution segments: metals service centers, energy products and steel distributors. Its network of metals service centers carries an extensive line of metal products in a wide range of sizes, shapes and specifications, including carbon hot rolled and cold finished steel, pipe and tubular products, stainless steel, aluminum and other non-ferrous specialty metals. Its energy products operations carry a specialized product line focused on the needs of energy industry customers. Its steel distributors operations act as master distributors selling steel in large volumes to other steel service centers and large equipment manufacturers mainly on an "as is" basis.
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SOURCE Russel Metals Inc.
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