Reliance Steel & Aluminum Co. (RS) Wednesday said it has entered into an underwriting agreement for the sale of $500 million, 4.5 percent Senior Notes due 2023, priced at 99.585 percent. The company intends to use the fund to finance a portion of its pending acquisition of Metals USA Holdings Corp. The offering is expected to close on April 12.
Reliance however said, if the acquisition of Metals USA is not complete by December 15, it will be required to redeem all of the notes at a purchase price in cash equal to 101 percent of their aggregate principal amount, plus interest.
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