Olympic Steel extends $475 million asset-based revolver to 2026

By Wendy Van Sickle

Columbus, Ohio, June 16 – Olympic Steel Inc. extended the maturity of its existing $475 million, five-year asset-based revolving credit facility through June 16, 2026, according to a news release.

There is an accordion feature providing for up to $200 million of additional commitments.

The revolver is secured primarily by the accounts receivable, inventory and property and equipment of the company, excluding real estate.

Upon closing of the amendment, about $190 million was available under the credit facility.

Bank of America, NA is the administrative agent and joint lead arranger, along with Wells Fargo Bank, NA, which is the syndication agent and a joint bookrunner along with BofA Securities, Inc. Keybank NA is the documentation agent.

Borrowings are intended to be used for working capital, acquisitions and funding of growth initiatives.

Olympic Steel is a Cleveland-based metals service center focused on the direct sale and distribution of large volumes of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel and aluminum products.

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