Ryerson plans $1.35 billion asset-based revolver for buyout by Platinum Equity

By Sara Rosenberg

New York, Sept. 21 - Ryerson Inc. has received a commitment for a new $1.35 billion senior secured asset-based revolving credit facility to help fund its acquisition by Platinum Equity, according to a DEFM14A filed with the Securities and Exchange Commission Friday.

Bank of America is the lead bank on the deal.

Under the terms of the agreement, Ryerson common and convertible preferred stockholders will receive $34.50 per share in cash. The transaction is valued at about $2 billion.

The transaction is expected to be completed by the fourth quarter, subject to the approval of Ryerson's stockholders.

Ryerson is a Chicago-based distributor and processor of metals in North America.

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