WFCF Agents, Arranges $225 Million Credit Facility for 84 Lumber
Wells Fargo Capital Finance, part of Wells Fargo & Company, recently acted as joint lead arranger and administrative agent on a $225 million senior secured revolving credit facility to 84 Lumber. The facility will be used to refinance existing debt, and for general corporate purposes.
Founded in 1956 by Joseph Hardy and located in Eighty Four, PA, 84 Lumber Company is a privately held supplier of building materials, manufactured components and industry leading services to the new home and commercial construction markets.
“Because of Wells Fargo Capital Finance’s commitment to 84 Lumber and their credentials, it was a natural choice to have them lead our credit facility,” said Maggie Hardy Magerko, owner and president of 84 Lumber. “Wells Fargo remained committed to 84 Lumber during the economic crisis and is now supporting 84 Lumber as the economy improves. We look forward to continuing a rewarding relationship with Wells Fargo.”
“We are very excited to move into the left lead role in the revolving credit facility for 84 Lumber,” said Larry Forte, senior vice president of Wells Fargo Capital Finance. “Maggie Hardy Magerko and the management team have taken the necessary prudent actions during the economic downturn to position 84 Lumber well during the rebound. We look forward to continuing to support the management team and the company’s working capital needs with a new credit facility.”