PNC, Wells Agent $175MM New Enterprise Facility
New Enterprise Stone & Lime announced that it refinanced its credit facility with a new revolving credit facility and new term loans providing up to $175 million of available borrowing capacity. The new borrowings consist of a revolving credit agreement with PNC Bank as administrative agent, and Wells Fargo Bank as syndication agent, providing for revolving credit loans and letters of credit in an aggregate principal amount of up to $105 million, along with a term loan credit and guaranty agreement with certain funds managed by KKR Asset Management, providing for term loans in the aggregate principal amount of $70 million.
Paul I. Detwiler, III, the company’s president and CEO, commented on the new credit facility and term loans saying, The refinancing is an important milestone for New Enterprise as we continue to strengthen the company’s financial position. We are executing on our cost savings and operational efficiency plan which, together with the improvement in liquidity, we believe should allow us to increase profitability and benefit from potential growth associated with Pennsylvania’s recent transportation funding bill.
New Enterprise Stone & Lime Co. Inc. is a privately held, vertically integrated construction materials supplier and highway construction contractor in Pennsylvania and western New York and a national traffic safety services and equipment provider.