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 Ryersons strategic
transformation to amend the ABL," Eddie Lehner, chief financial
officer of the Chicago-based service center chain, said in a
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 companys $600-million senior secured notes
due 2017 have not been refinanced, extending the maturity of
the new ABL at least one year.