Reliance Could Issue Up To $750M In Debt

R. K.
June 2008
Bank Loan Report;6/30/2008, Vol. 23 Issue 26, p1
Trade Publication
The article reports that Reliance Steel & Aluminum Co. will issue as much as $750 million in debt following its acquisition of PNA Group Inc. Kim Feazle notes that it could put more equity into the deal and decrease the total amount of debt. Reliance Steel is rated BBB- by Standard & Poor's Corp., while PNA is rated B+. Its rating suggests that its operating margins are more solid than those of some peers. Both companies generated $7 billion and $1.6 billion in sales in 2007.


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