Reliance Inc. Signs $1.5 Billion Five-Year Revolving Credit Facility Amendment
Reliance, Inc. entered into a Second Amended and Restated Credit Agreement on September 10, 2024, providing a five-year senior unsecured revolving credit facility of $1.5 billion. About $82 million was outstanding under the agreement as of September 10, 2024, and the company may use the funds for general corporate purposes, growth and stockholder return activities. The new terms replace the 2020 agreement and remove the interest coverage ratio covenant, leaving a maximum total net leverage ratio as the only financial maintenance covenant.
Key points
- Facility size: $1.5 billion five-year senior unsecured revolver, including a $150 million letter of credit sublimit and a $50 million swing line sublimit
- Borrowings outstanding as of September 10, 2024: approximately $82 million
- Initial pricing: SOFR plus 1.00% and a 0.10% unused fee, until the compliance certificate for the quarter ending September 30, 2024 is delivered; thereafter pricing ranges based on the Total Net Leverage Ratio
- Replaces the existing credit agreement dated September 3, 2020; Bank of America, N.A. is the administrative agent
The filing
Written by AI on Nov 8, 2026, 12:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 16, 2024.
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