SunTrust Robinson Humphrey served as both administrative and collateral agent on an amendment to PGT Innovations’ existing $224 million term loan facility.

The amendment, among other things, reduced the applicable interest rate on the facility by 125 basis points. The company estimates that this reduction will reduce its cash debt service costs by an aggregate of nearly $2.8 million over the next twelve months, as compared to what those costs would have been without the reduction.

“Our ability to further reduce the margin component of our interest rate is due to our improved financial performance and leverage position, and strong cash flow. We believe this interest rate reduction positions the Company well to continue executing on its long-term strategy, including further deleveraging, and will enhance shareholder value,” said Jeff Jackson, PGT Innovations’ president and CEO.

After giving effect to the amendment, the term loan facility will bear interest at a rate equal to, at the option of the company, LIBOR (with a floor of 100 basis points), or a base rate (with a floor of 200 basis points) plus an applicable margin. The applicable margin is 350 basis points in the case of LIBOR, and 250 basis points in the case of the base rate. Interest under the term loan facility is payable either quarterly or at the expiration of any LIBOR interest period applicable thereto.

Other significant terms, restrictions and financial and other covenants under the term loan facility remain materially unchanged.

Headquartered in North Venice, FL, PGT Innovations is a manufacturer and supplier of impact-resistant windows and doors.