BofA Agents U.S. Concrete Facility Increase to $175MM
U.S. Concrete announced it entered into a second amendment to its credit facility with Bank of America as agent for the lender group. The second amendment to the loan agreement increases the revolving commitments from $125 million to $175 million and to remove certain conditions to funding, including removal of (i) the uncommitted accordion feature, (ii) the maximum leverage ratio condition for the refinancing of certain senior secured notes of the Company and (iii) a requirement that any such senior notes refinancing debt must mature six months outside the expiration date of the loan agreement.
“We believe that the execution of the second amendment is a prudent measure that, as our borrowing base grows going forward, will provide us with additional capacity to pursue our growth strategy through acquisitions and capital expenditures,” said U.S. Concrete president and chief executive officer William J. Sandbrook.
U.S. Concrete services the construction industry in several major markets in the United States through its two business segments: ready-mixed concrete and aggregate products.