Reliance enters $1.5B unsecured revolving credit facility, drops interest coverage covenant

RELIANCE, INC.

New five-year senior unsecured revolving facility of $1.5 billion, replacing 2020 credit agreement.
Facility includes $150M letter of credit sublimit and $50M swing line sublimit.
Initial pricing at SOFR + 1.00%, unused fee 0.10%; margin fluctuates with total net leverage ratio.
Interest coverage ratio covenant removed; only maximum total net leverage ratio remains as financial covenant.
As of September 10, 2024, approximately $82 million was outstanding under the facility.

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