Reliance Steel & Aluminum Co. Announces Pricing of $900 Million Senior Notes Offering
Reliance Steel & Aluminum Co. (NYSE: RS) has announced the pricing of a public offering of $400 million in 1.300% Senior Notes due 2025, and $500 million in 2.150% Senior Notes due 2030. The proceeds will be used to repay existing debt under its unsecured revolving credit facility and term loan, and for general corporate purposes. The offering is expected to close on August 3, 2020, subject to customary conditions. J.P. Morgan, BofA Securities, and Wells Fargo are the joint book-running managers for the offering.
- Successful pricing of public offering totaling $900 million.
- Proceeds aimed at debt repayment, potentially improving financial health.
- None.
LOS ANGELES, July 28, 2020 (GLOBE NEWSWIRE) -- Reliance Steel & Aluminum Co. (NYSE: RS) announced today the pricing of a public offering of
Reliance intends to use the net proceeds of the offering to repay outstanding indebtedness under its unsecured revolving credit facility and its unsecured term loan and for general corporate purposes. The offering is expected to close on August 3, 2020, subject to customary closing conditions.
J.P. Morgan Securities LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC are acting as joint book-running managers of the offering.
The offering is being made only by means of a prospectus supplement and an effective registration statement (including a prospectus), which have been filed with the SEC. A copy of the prospectus supplement and accompanying prospectus for the offering may be obtained by contacting J.P. Morgan Securities LLC collect at (212) 834-4533, BofA Securities, Inc. toll-free at (800) 294-1322 or Wells Fargo Securities, LLC toll-free at (800) 645-3751. Alternatively, you may get these documents for free by visiting the SEC’s website at www.sec.gov. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, and shall not constitute an offer, solicitation or sale in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful.
About Reliance Steel & Aluminum Co.
Founded in 1939 and headquartered in Los Angeles, California, Reliance Steel & Aluminum Co. (NYSE: RS) is a leading global diversified metal solutions provider and the largest metals service center company in North America. Through a network of more than 300 locations in 40 states and thirteen countries outside of the United States, Reliance provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance Steel & Aluminum Co.’s press releases and additional information are available on the Company’s website at www.rsac.com.
Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements about the completion of the proposed offering of securities by us and the use of net proceeds of such offering. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “preliminary,” “range” and “continue,” the negative of these terms, and similar expressions.
Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, market conditions and risks detailed in the prospectus and prospectus supplement filed with the SEC in connection with this offering, including the information set forth under “Risk Factors,” and in Item 1A “Risk Factors,” both in our Annual Report on Form 10-K for the year ended December 31, 2019 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020, filed with the SEC. As a result, these statements speak only as of the date that they were made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Brenda Miyamoto
Investor Relations
(213) 576-2428
investor@rsac.com
or Addo Investor Relations
(310) 829-5400
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