BB&T, WFCF Complete Amendment to Trex Credit Facility
Trex Company, Inc., a manufacturer of wood-alternative decking and railing products, has completed an amendment to its senior secured credit facility. The amended asset-based lending facility, obtained through Branch, Banking and Trust Company (BB&T) and Wells Fargo Capital Finance, provides for a maximum principal amount of $100 million.
With more favorable borrowing rates and a maturity of January 9, 2015, the new facility strengthens the company’s capital structure.
Trex chairman, president and CEO Ronald W. Kaplan remarked, “I am pleased that we have a credit facility in place that will reduce our overall borrowing costs, give us additional borrowing capacity and provide the capital structure to execute our strategic objectives. The overhaul of our capital structure was a key objective of our turnaround strategy that began four years ago this month. The achievement of this component of our strategy positions us well for future opportunities.”