secwatch.observer — SEC 8-K summary
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Issuer:     RELIANCE, INC. (RS)
CIK:        0000861884
Form:       8-K
Filed at:   2024-09-16T23:59:59+00:00
Accession:  0001104659-24-100168
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/861884/000110465924100168/0001104659-24-100168-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/861884/000110465924100168/tm2423965d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-100168

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