BofA Agents Expanded Facility for U.S. Concrete
U.S. Concrete said it amended its asset-based credit agreement to increase the total commitments under the facility from $80 million to $102.5 million.
According to the 8-K filing Bank of America served as agent for the lenders. U.S. Concrete obtained an increased lending commitment in connection with the amendment from Capital One Leverage Finance, which was a party to the loan agreement. In addition, U.S. Concrete added Union Bank as an additional lender under the loan agreement.
The expiration date of the credit facility remains July 1, 2015 and the facility retains an uncommitted accordion feature that may allow for an increase in the total commitments under the facility to as much as $125 million. Availability under the facility is subject to certain conditions including the calculation of a borrowing base.
U.S. Concrete president and chief executive officer, William J. Sandbrook, said, “This increase in commitments provides the Company with additional liquidity to fund future acquisitions and other value-creating investments as we execute on our strategic plan.”