TORONTO, April 2,
2024 /CNW/ - Russel Metals Inc. (TSX: RUS) today gave
notice to redeem its 6% senior unsecured notes due March 16, 2026 (the "Notes") on May 2, 2024, at a price equal to 100% of the
aggregate principal amount of the Notes to be redeemed plus accrued
and unpaid interest thereon. This redemption represents all of the
original $150 million principal
amount of the Notes and will be financed through cash on hand. As
of December 31, 2023, Russel had
$629 million of cash and cash
equivalents.
Martin L. Juravsky, Executive
Vice President and CFO commented, "This redemption will
substantially reduce Russel's interest expense while maintaining
strong ongoing liquidity. In addition, this redemption sets
the stage for other debt structure improvements."
About Russel Metals Inc.
Russel Metals is one of the largest metals distribution
companies in North America with a
growing focus on value-added processing. It carries on
business in three segments: metals service centers, energy field
stores 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 field stores 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.