Olympic Steel amends revolver to extend tenor, add accordion feature

By Sara Rosenberg

New York, June 24 - Olympic Steel Inc. amended its revolving credit facility, extending the maturity date to Dec. 15, 2008 from Dec. 15, 2006 and adding a $25 million accordion feature, according to an 8-K filed with the Securities and Exchange Commission.

In addition, the amendment allows the company to repurchase its common stock, subject to a total maximum expenditure of $15 million.

Olympic Steel is a Bedford Heights, Ohio-based steel service center.

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