Olympic Steel Inc., a leading U.S.-based steel service provider, has extended its $625 million asset-based revolving credit facility until April 17, 2030, boosting its financial flexibility for the years ahead.
The facility, which was set to mature earlier, is now secured by the company’s accounts receivable, inventory, equipment, and select real estate, and includes an expansion option of up to $200 million.
As of the amendment's effective date, Olympic Steel had approximately $269 million in available funds under the renewed facility.
The company plans to utilize the capital for working capital, acquisitions, and long-term growth initiatives.
“Our continued discipline around working capital and operating expenses has afforded us a great deal of liquidity and flexibility under the revolving credit facility,” said Richard A. Manson, CFO of Olympic Steel. “We intend to use it to sustain ongoing operations and support both acquisition and organic growth strategies.”
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