BlueLinx Holdings, a distributor of building and industrial products in the U.S., executed an agreement for a new five-year, $335 million syndicated secured asset-based revolving credit facility, with an option to increase the total commitments up to $75 million subject to certain conditions including the consent from the lenders providing the incremental commitments.
The ABL facility, which matures in 2022, replaces an existing $335 million credit facility that expires in July 2018. The ABL facility is expected to close and fund on October 10, 2017.
“We are very pleased to announce this new five-year financing to support our working capital and growth needs. The increased size and improved economic terms of this financing represent a culmination of the tremendous efforts of our associates over the last few years and the continued support of our customer and supplier partners,” said Mitch Lewis, president and CEO.
Wells Fargo Bank, administrative agent, and Bank of America, syndication agent, acted as joint lead arrangers for the syndicated credit facility.
Susan O’Farrell, chief financial officer, added, “We appreciate the long standing relationship with Wells Fargo and Bank of America and welcome our new lending partners, BMO, Citizens and SunTrust. We look forward to working with them as we continue the momentum we have created at BlueLinx.”