The facility was secured by the company’s inventory and accounts receivable in the U.S., UK and Canada. Masonite increased the size of the committed facility from $150 million to $250 million, added the UK and extended the maturity date of the revolver to January 31, 2024 from its prior maturity date of April 9, 2020.
As of January 31, 2019, there were no amounts outstanding under the facility.
“We are pleased with the completion of our expanded credit facility which provides us with improved terms and further enhances our liquidity,” said Joanne Freiberger, vice president and treasurer of Masonite.
In addition to Wells Fargo, seven other lenders participated in the facility, including Bank of America as syndication agent, RBC Capital Markets and HSBC Bank as joint-lead arrangers and joint bookrunners (along with Wells Fargo and Bank of America), and JPMorgan Chase Bank, TD Bank, PNC Bank and Regions Bank as documentation agents (along with RBC and HSBC).
“Wells Fargo is very pleased to work with a great management team and an industry leader such as Masonite,” said Rob Griffin, managing director, Wells Fargo Capital Finance. “Our goal is to provide our customers with the financial flexibility and industry knowledge to support their long-term strategy and growth.”
Founded in 1925, Masonite International is a global designer and manufacturer of interior and exterior doors for residential new construction, residential repair, renovation and remodeling and non-residential building construction. The company currently serves approximately 9,000 customers in 64 countries.