Reliance ups credit, buys back EMJ notes

Nov 10, 2006 | 03:26 PM | Frank Haflich

Hot on the acquisition trail, Reliance Steel & Aluminum Co., Los Angeles, has mounted a major bond buyback by one of its subsidiaries and bumped up its credit line. The company made two major service center acquisitions this year and is planning a third.

The nationwide service center chain said it has entered a new $1.1-billion credit facility with a syndicate of 15 banks, led by Bank of America. The five-year, unsecured facility could be increased to up to $1.6 million with approval from the lenders.....

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