US LBM Amends Credit Facility, Extends Maturity to 2024
US LBM Holdings, LLC (“US LBM”), a leading distributor of specialty building materials in the United States, announced that it has amended its revolving credit facility.
Among other items, the amended $275 million revolving credit facility:
– Reduces the interest rate spread on LIBOR (London Interbank Offered Rate) by 25 basis points.
– Extends the term of the facility until October 2024.
– Expands the accordion feature from $50 million to $150 million, allowing the borrowing capacity to increase to $425 million, subject to certain conditions.
Borrowings under the five-year facility will bear interest at a rate of 125 to 175 basis points over LIBOR, compared to a prior range of 150 to 200 basis points. Also amended were certain reductions to fees related to undrawn amounts.
“Enhancing our credit facility further improves our borrowing costs and access to attractive capital resources,” said US LBM Executive Vice President and CFO Pat McGuiness. “The support of our banking partners, who value our strong fundamentals and unique position, is essential as we continue to profitably grow and expand our reach across the nation while delivering exceptional service and products to customers.”
The revolving credit facility was supported by a syndicate of six lenders, including Royal Bank of Canada as administrative agent. Other participants include Wells Fargo Bank, National Association; SunTrust Bank; U.S. Bank, National Association; Credit Suisse AG, Cayman Islands Branch; and Barclays Bank PLC.
About US LBM
US LBM is a leading distributor of specialty building materials in the United States. Offering a comprehensive portfolio of specialty products, including windows, doors, millwork, wallboard, roofing, siding, engineered components and cabinetry, US LBM combines the scale and operational advantages of a national platform with a local go-to-market strategy through its national network of locations across the country. For more information, please visit www.uslbm.com.
Source: US LBM Holdings, LLC