Olympic Steel ups credit agreement to $400 million, extends to 2022

By Sarah Lizee

Olympia, Wash., Dec. 13 – Olympic Steel Inc. entered into an amended and restated five-year loan and credit agreement led by Bank of America as agent, increasing the size to $400 million from $365 million and extending the maturity to Dec. 8, 2022, according to a press release.

The new asset-based credit agreement replaces the company’s previous credit agreement and allows for lenders to increase commitments up to a total of $600 million, subject to conditions.

At closing, the company had about $199 million of outstanding borrowings and $137 million of availability under the new credit agreement.

“The increased borrowing capacity and more favorable terms provided by this agreement underscore the confidence our lenders have in our business,” Richard Marabito, Olympic Steel’s chief financial officer, said in a news release.

“The low-cost capital structure enhances our flexibility and positions us well for both internal and external growth opportunities.”

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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