RELIANCE, INC. Debt Disclosure

NOTE 10. DEBT

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Debt consisted of the following (in millions):

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The weighted average effective interest rate on the Company’s outstanding borrowings was 4.24% and 3.02% as of December 31, 2025 and 2024, respectively.

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Unsecured Credit Facility

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On September 10, 2024, we entered into a $1.5 billion unsecured five-year revolving credit facility (“Credit Agreement”) that amended and restated our then-existing $1.5 billion unsecured revolving credit facility. As of December 31, 2025, borrowings under the Credit Agreement were available at variable rates based on SOFR plus 1.00% or the bank prime rate and we currently pay a commitment fee at an annual rate of 0.10% on the unused portion of the revolving credit facility. The applicable margins over SOFR and prime rate borrowings, along with commitment fees, are subject to adjustment every quarter based on our total net leverage ratio, as defined in the Credit Agreement. All borrowings under the Credit Agreement may be prepaid without penalty.

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The weighted average interest rate on $277.0 million of outstanding borrowings under the revolving credit facility was 5.29% as of December 31, 2025. We had no outstanding borrowings under the revolving credit facility as of December 31, 2024. We had $0.7 million and $1.1 million of letters of credit outstanding under the revolving credit facility as of December 31, 2025 and 2024, respectively.

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Unsecured Term Loan

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On August 14, 2025, we entered into a $400.0 million unsecured Term Loan Agreement (“Term Loan”) maturing August 14, 2028. The proceeds were used to repay our $400.0 million senior unsecured notes maturing August 15, 2025. As of December 31, 2025, the borrowing under the Term Loan bore interest at SOFR plus 0.75%. The applicable interest rate margin over SOFR is subject to adjustment every quarter based on our total net leverage ratio that is defined similarly as in our Credit Agreement. The outstanding balance under the Term Loan can be prepaid without penalty.

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The interest rate on the outstanding balance of the term loan was 4.49% as of December 31, 2025.

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Senior Unsecured Notes

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On August 15, 2025, we repaid, at maturity, the $400.0 million aggregate outstanding principal amount of our 1.30% unsecured senior notes maturing August 15, 2025 with the proceeds from the Term Loan.

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Under the indentures for each series of our senior notes (the “indentures”), the notes are senior unsecured obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated obligations. If we experience a change in control accompanied by a downgrade in our credit rating, we will be required to make an offer to repurchase each series of the notes at a price equal to 101% of their principal amount plus accrued and unpaid interest.

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Letter of Credit/Letters of Guarantee Facility

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We have a $50.0 million standby letters of credit/letters of guarantee agreement with one of the lenders under our Credit Agreement. We had $31.7 million and $29.2 million outstanding under this facility as of December 31, 2025 and 2024, respectively.

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Covenants

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The Credit Agreement, Term Loan and indentures governing our debt securities include customary representations, warranties, covenants and events of default provisions. The covenants under the Credit Agreement and Term Loan include, among other things, a financial maintenance covenant that requires us to comply with a maximum total net leverage ratio. We were in compliance with the financial maintenance covenant under our Credit Agreement and Term Loan as of December 31, 2025.

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Debt Maturities

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The following is a summary of aggregate maturities of long-term debt for each of the next five years and thereafter (in millions):

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