Wells Fargo Leads BlueLinx Revolver Amendment
BlueLinx Holdings announced that it entered into an amendment to its U.S. revolving credit agreement with a syndicate of banks led by Wells Fargo Bank to improve liquidity and provide up to an additional $20 million in availability for strategic growth plans.
The amended credit facility provides for up to an additional $20 million in borrowing capacity for a period up to 180 days from the effective date. The initial funds drawn at closing of $20 million were used to pay down the existing asset-based revolving credit facility.
“This amendment to our U.S. revolving credit facility is a testament to the confidence our banking partners have in BlueLinx,” said Mitch Lewis, president and CEO. “The amended facility further enhances our current capital structure and gives us increased working capital flexibility to capture the broadening opportunities in our end-use markets while we continue to evaluate additional options to enhance our long-term capital structure. We appreciate the continued support provided by Wells Fargo Bank and the lender group and look forward to continuing our relationship with all the institutions involved.”
Atlanta-headquartered BlueLinx Holdings, operating through its wholly owned subsidiary BlueLinx Corp., is a distributor of building products in North America.