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Ryerson amends credit facility

Keywords: Tags  Ryerson Inc., asset-backed lending credit facility, ABL, Eddie Lehner, service center chain, interest rates

CHICAGO — Ryerson Inc. has amended its asset-backed lending (ABL) credit facility by cutting interest rates and extending its maturity.

"We took advantage of favorable market conditions amid the ongoing positive results generated by Ryerson’s strategic transformation to amend the ABL," Eddie Lehner, chief financial officer of the Chicago-based service center chain, said in a statement.

Under the terms of the new agreement, the interest rate on the ABL was reduced by 25 to 50 basis points and the commitment fee on unused borrowings was lowered by 12.5 basis points. The new maturity date is the earlier of Aug. 16, 2017, or April 3, 2018, if the company’s $600-million senior secured notes due 2017 have not been refinanced, extending the maturity of the new ABL at least one year.

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