Huttig Announces Five-Year $250 Million Credit Facility

July 19th, 2017 by Editor

Huttig Building Products Inc., a distributor of millwork, building materials and wood products, has entered into an agreement to amend and extend its $160 million senior secured credit facility.

The amendment, among other things, increases borrowing capacity from $160 million to $250 million, reduces interest rate charges and extends the facility for five years from the execution date, to July 14, 2022. The amended facility may be increased to $300 million through an uncommitted $50 million accordion feature, subject to certain conditions. Wells Fargo Capital Finance, LLC (Wells Fargo), Bank of America, N.A. (Bank of America) and JPMorgan Chase Bank, N.A. (JPMorgan) are lenders under the facility.

“Our amended credit facility allows us to continue implementing our investment strategy,” said Oscar A. Martinez, Huttig’s vice president and chief financial officer. “While the facility did not expire until 2019, the increased size and extended maturity provides the capital structure flexibility to fuel our continued growth. We are pleased to continue our relationship with Wells Fargo, Bank of America and JPMorgan who have been valued lending partners.”

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