Reliance Announces Amended and Restated $1.5B Credit Facility

Zacks09-17 19:09

Reliance, Inc. RS has entered into an amended and restated five-year unsecured revolving credit facility worth $1.5 billion. The company expects to use funds borrowed under the facility for general ...

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The company expects to use funds borrowed under the facility for general ...</p>\n\n<a href=\"https://finance.yahoo.com/news/reliance-announces-amended-restated-1-110900481.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reliance Announces Amended and Restated $1.5B Credit Facility</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReliance Announces Amended and Restated $1.5B Credit Facility\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-09-17 19:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/reliance-announces-amended-restated-1-110900481.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Reliance, Inc. RS has entered into an amended and restated five-year unsecured revolving credit facility worth $1.5 billion. The company expects to use funds borrowed under the facility for general ...</p>\n\n<a href=\"https://finance.yahoo.com/news/reliance-announces-amended-restated-1-110900481.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4006","symbol_name":"钢铁","start_time":0,"source_url":"https://finance.yahoo.com/news/reliance-announces-amended-restated-1-110900481.html","article_id":"2468354055","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/y.RGI7YQVoWQxGdd29_8fg--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/32524a57dfeb2a36708c0392f50ab6b1"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2468354055","pubTimestamp":1726571340,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Reliance, Inc. RS has entered into an amended and restated five-year unsecured revolving credit facility worth $1.5 billion. The company expects to use funds borrowed under the facility for general corporate purposes, growth and stockholder returns.The company's improved financial health and upgraded credit ratings after the most recent renewal in 2020 have allowed it to secure more favorable pricing and fewer restrictive covenants. The company believes that this amended and restated credit agreement not only strengthens its already strong liquidity position but also increases its ability to continue pursuing its capital allocation strategies.At the end of the second quarter of 2024, RS had $350.8 million in cash and cash equivalents while carrying $1.15 billion in total outstanding debt. In the quarter, RS generated cash flow from operations of $366.3 million.Reliance’s shares have rallied 5.9% in the past year against a 9.6% fall of the industry.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4006":"钢铁","RS":"Reliance Steel & Aluminum Co","IE0031619046.USD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) INC","IE00B66KJ199.SGD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY  \" A\" (SGD) ACC","LU0345780281.USD":"NINETY ONE GSF GLOBAL GOLD \"A\"  ACC","LU0345780521.USD":"NINETY ONE GSF GLOBAL GOLD \"A\" (USD) INC","IE00B7SZL793.SGD":"Legg Mason Royce - US Small Cap Opportunity A Acc SGD-H","EGO":"埃氏金业","CRS":"卡朋特科技","BK4570":"地缘局势概念股","IE00B19Z4B17.USD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) ACC","BK4017":"黄金","HWKN":"霍金斯材料","BK4090":"商品化工"},"translate_title":"Reliance宣布修订和重述的$1.5 B信贷额度","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CRS":1,"HWKN":1,"RS":1,"EGO":0.9},"content_text":"Reliance, Inc. RS has entered into an amended and restated five-year unsecured revolving credit facility worth $1.5 billion. The company expects to use funds borrowed under the facility for general corporate purposes, growth and stockholder returns.The company's improved financial health and upgraded credit ratings after the most recent renewal in 2020 have allowed it to secure more favorable pricing and fewer restrictive covenants. The company believes that this amended and restated credit agreement not only strengthens its already strong liquidity position but also increases its ability to continue pursuing its capital allocation strategies. At the end of the second quarter of 2024, RS had $350.8 million in cash and cash equivalents while carrying $1.15 billion in total outstanding debt. In the quarter, RS generated cash flow from operations of $366.3 million.Reliance’s shares have rallied 5.9% in the past year against a 9.6% fall of the industry.\nImage Source: Zacks Investment Research\nReliance, on its second-quarter call, said that it anticipates that underlying demand will remain relatively stable across most of the end markets it serves in third-quarter 2024. However, shipment levels are expected to be adversely impacted by normal seasonal patterns, including a decline in shipping volumes due to planned customer shutdowns and vacation schedules.The company estimates that its tons sold will decline 2.5-4.5% in the third quarter of 2024 from the second-quarter tally but increase 4.5-6.5% year over year. The company expects its average selling price per ton sold in the third quarter to be down 2-4% from the second quarter due to lower prices for carbon steel products. It anticipates some pressure on its gross profit margin in the quarter. Based on these expectations, the company expects adjusted earnings per share to be in the range of $3.60-$3.80 for the third quarter of 2024.\n\nReliance, Inc. Price and Consensus\n  \nReliance, Inc. price-consensus-chart | Reliance, Inc. Quote\n\nZacks Rank & Key Picks\nRS currently carries a Zacks Rank #4 (Sell).Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, Eldorado Gold Corporation EGO and Hawkins, Inc. HWKN. Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.9%. The company's shares have soared 108.8% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Eldorado’s current-year earnings is pegged at $1.35 per share, indicating a year-over-year rise of 136.8%. EGO, a Zacks Rank #1 stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 430.3%. The company's shares have rallied roughly 75.3% in the past year.The Zacks Consensus Estimate for Hawkins’ current fiscal-year earnings is pegged at $4.14, indicating a rise of 15.3% from year-ago levels. The Zacks Consensus Estimate for HWKN’s current fiscal-year earnings has increased 12.8% in the past 60 days. HWKN, a Zacks Rank #1 stock, has rallied around 94.9% in the past year.  \nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nReliance, Inc. (RS) : Free Stock Analysis Report\nCarpenter Technology Corporation (CRS) : Free Stock Analysis Report\nEldorado Gold Corporation (EGO) : Free Stock Analysis Report\nHawkins, Inc. (HWKN) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.4","shortVersion":"4.26.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2468354055"}