SEATTLE (Scrap Monster): Fort-Wayne, Indiana-headquartered Steel Dynamics, Inc. announced that it has entered a new senior unsecured revolving credit facility of $1.2 billion. The facility will mature in December 2024. The facility size could be further increased by additional $500 million in order to support future growth initiatives, subject to certain conditions.
Announcing the decision, Theresa E. Wagler, Executive Vice President and Chief Financial Officer noted that the new facility is a testimony of the company’s strong relationship with the financial institutions. It recognizes the strong balance sheet profile and cash flow generation capability of the company. The new credit facility reflects the company’s recent upgrade to investment grade status, she added.
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BofA Securities, Inc., PNC Capital Markets LLC and Wells Fargo Securities, LLC acted as Joint Lead Arrangers and Joint Bookrunners.
The company’s board of directors had recently declared a quarterly cash dividend of $0.24 per common share.
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