LOS ANGELES--(BUSINESS WIRE)--Reliance Steel & Aluminum Co. (NYSE:RS - News ) announced today that it has decided not to proceed with its previously announced public offering of 6,750,000 shares of its common stock due to market conditions. The Company expected to use the proceeds of the equity offering to fund a portion of the consideration of approximately $1.1 billion for its pending acquisition of PNA Group Holding Corporation. Reliance expects to complete the acquisition of PNA in early August and expects to initially fund the purchase price and repayment or refinancing of PNA’s debt, together with acquisition costs, with the proceeds of a new term loan and borrowings under its existing revolving credit facility. Reliance Steel & Aluminum Co., headquartered in Los Angeles, California, is the largest metals service center...
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