TORONTO
, Oct. 1, 2024 /CNW/ - 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.
