Huttig announces five-year $250 million credit facility
Amendment increases Huttig's borrowing capacity to $250 million and extends to 2022.
Huttig Building Products, Inc., (NASDAQ: HBP), a leading domestic distributor of millwork, building materials and wood products, today announced it 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.”
Huttig Building Products, Inc., currently in its 133rd year of business, is one of the largest domestic distributors of millwork, building materials and wood products used principally in new residential construction and in home improvement, remodeling and repair work. Huttig distributes its products through 27 distribution centers serving 41 states.
The Company’s wholesale distribution centers sell principally to building materials dealers, national buying groups, home centers and industrial users, including makers of manufactured homes.
For more information, visit www.huttig.com
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