Olympic Steel amends revolver to reduce interest, lift commitments

By Marisa Wong

Madison, Wis., March 21 - Olympic Steel, Inc. and some of its wholly owned domestic direct and indirect subsidiaries amended their amended and restated loan and security agreement dated July 1, 2011, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, completed on March 16, provides for a reduction in the applicable margin, provides for $50 million of additional revolving commitments and permits certain transactions among the borrowers and Metales de Olympic, SRL de CV, an indirect subsidiary of Olympic Steel.

Interest is now Libor plus 175 basis points to 225 bps, reduced from 250 bps to 300 bps, depending on usage.

Revolving commitments now total $315 million.

Bank of America, NA is the agent.

Olympic Steel is a Bedford Heights, Ohio-based processor and distributor of flat-rolled carbon, stainless and tubular steel products.

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