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The company funded the purchase of PNA with proceeds from its new $500 million senior unsecured term loan and borrowings under Reliance's existing $1.1 billion credit facility.
Reliance acquired PNA from Platinum equity, which acquired PNA Group in May, 2006. Platinum said that PNA's revenue in 2007 was around $1.6 billion, up from about $1.2 billion in annual revenue when Platinum acquired the business.
In addition, Reliance entered into a new $500 million senior unsecured term loan on July 31. The proceeds were used to fund the purchase of PNA, including the repayment of PNA's debt.
Los Angeles-based Reliance Steel & Aluminum is a metals service center firm that works through a network of more than 200 locations in 38 states and Belgium, Canada, China, Mexico, South Korea and the United Kingdom. The company provides value-added metals processing services and distributes a line of over 100,000 metal products to more than 125,000 customers in a range of industries.
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Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .
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