WFCF, GE Capital Amend/Extend Huttig Credit Facility
Huttig Building Products, a domestic distributor of millwork, building materials and wood products, announced it has entered into an agreement to amend and extend its $120 million senior secured credit facility.
The amendment, among other things, increases borrowing capacity from $120 million to $160 million, reduces interest rate charges and extends the facility for five years from the execution date, to May 28, 2019. The amended facility may be increased to $200 million, through an uncommitted $40 million accordion feature, subject to certain conditions.
Huttig said GE Capital and Wells Fargo Capital Finance are co-lenders under the facility.
Pricing for the amended facility is based on LIBOR plus 150 to 225 basis points, depending on levels of average borrowing availability. Under the prior facility, executed in December 2012, pricing was at LIBOR plus 225 to 275 basis points. At closing, the initial pricing is LIBOR plus 200 basis points. Index pricing was also reduced.