Gibraltar Industries, a manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, closed on a $400 million five-year revolving credit facility. The new facility replaces a revolving credit agreement maturing in January 2024. Gibraltar also has the option to increase the size of the facility by up to an additional $300 million, subject to certain conditions. The new facility is due to mature in December 2027.
The facility generally maintains the key terms under the expiring credit facility including the same level of capacity, which will provide ample liquidity to fund M&A opportunities to strengthen Gibraltar’s portfolio, maintain its share buyback program and to use for general corporate purposes.
KeyBanc Capital Markets, Bank of America, M&T Bank and PNC Bank acted as joint lead arrangers for the new facility, with Comerica Bank, TD Bank and Wells Fargo serving as co-documentation agents. Two additional lenders participated.
“We wanted to renew our facility ahead of its 2024 expiration and both thank our bank group and welcome new lenders who are supporting our positioning as a manufacturer reshaping critical markets in North America,” Jeffrey Watorek, treasurer of Gibraltar Industries, said. “We maintain the financial flexibility and resilience needed to execute on our three-pillar strategy to accelerate execution and scale in each of our business segments.”