CHICAGO, Nov. 17, 2016 /PRNewswire/ -- Ryerson
Holding Corporation (NYSE: RYI), announced today that it
amended its credit facility reducing its interest rate and
extending its maturity. 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 has 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.
"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."
About Ryerson
Ryerson is a processor and distributor of metals with operations
in the United States, Canada, China
and Mexico. The company serves a
variety of industries, including customers making products or
equipment for commercial ground transportation, metal fabrication
and machine shops, industrial, consumer durable, HVAC,
construction, food processing and agriculture, as well as oil &
gas. Founded in 1842, Ryerson is headquartered in the United
States and has approximately 3,400 employees in around 100
locations. For more information, visit Ryerson at
www.ryerson.com.
Certain statements made in this press release and other written
or oral statements made by or on behalf of the Company constitute
"forward-looking statements" within the meaning of the federal
securities laws, including statements regarding our future
performance, as well as management's expectations, beliefs,
intentions, plans, estimates or projections relating to the
future. Such statements can be identified by the use of
forward-looking terminology such as "believes," "expects," "may,"
"estimates," "will," "should," "plans" or "anticipates" or the
negative thereof or other variations thereon or comparable
terminology, or by discussions of strategy. The Company cautions
that any such forward-looking statements are not guarantees of
future performance and may involve significant risks and
uncertainties, and that actual results may vary materially from
those in the forward-looking statements as a result of various
factors. Among the factors that significantly impact the metals
distribution industry and our business are: the cyclicality of our
business; the highly competitive, volatile, and fragmented market
in which we operate; fluctuating metal prices; our substantial
indebtedness and the covenants in instruments governing such
indebtedness; the integration of acquired operations; regulatory
and other operational risks associated with our operations located
inside and outside of the United
States; work stoppages; obligations under certain employee
retirement benefit plans; the ownership of a majority of our equity
securities by a single investor group; currency fluctuations; and
consolidation in the metals producer industry. Forward-looking
statements should, therefore, be considered in light of various
factors, including those set forth above and those set forth under
"Risk Factors" in our annual report on Form 10-K for the year
ended December 31, 2015 and in our other filings with
the Securities and Exchange Commission. Moreover, we caution
against placing undue reliance on these statements, which speak
only as of the date they were made. The Company does not
undertake any obligation to publicly update or revise any
forward-looking statements to reflect future events or
circumstances, new information or otherwise.
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SOURCE Ryerson Holding Corporation