TORONTO, Oct. 1, 2024
/PRNewswire/ - Russel Metals Inc. (TSX: RUS) today gave notice to
redeem its 5.75% senior unsecured notes due October 27, 2025 (the "Notes") effective
October 27, 2024, at a price equal to
100% of the aggregate principal amount of the Notes to be redeemed
plus accrued and unpaid interest thereon. This redemption
represents all of the original $150
million principal amount of the Notes.
Martin L. Juravsky, Executive
Vice President and CFO commented, "This redemption will reduce
Russel's interest expense and increase our future financial
flexibility, while maintaining strong ongoing liquidity. This
redemption is the final step in removing our legacy high yield debt
structure, following the May, 2024 redemption of $150 million of 6% senior unsecured notes and in
July 2024 entering into our new
$600 million investment grade
unsecured bank credit facility".
About Russel Metals Inc.
Russel Metals is one of the largest metals distribution
companies in North America with a
growing focus on value-added processing. It carries on business in
three segments: metals service centers, energy field stores and
steel distributors. Its network of metals service centers carries
an extensive line of metal products in a wide range of sizes,
shapes and specifications, including carbon hot rolled and cold
finished steel, pipe and tubular products, stainless steel,
aluminum and other non-ferrous specialty metals. Its energy field
stores carry a specialized product line focused on the needs of
energy industry customers. Its steel distributors operations act as
master distributors selling steel in large volumes to other steel
service centers and large equipment manufacturers mainly on an "as
is" basis.
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SOURCE Russel Metals Inc.