PGT Inc. has announced that on December 22, the company entered into an amendment to their Second Amended and Restated Credit Agreement.

The amendment, among other things, extends the revolving credit facility maturity date to December 31, 2011, with respect to $20 million of revolving commitments, relaxes certain financial covenants, and increases the applicable rate on loans and letters of credit.

The effectiveness of the amendment is conditioned, among other things, on (i) the repayment of at least $17 million of term loans (less certain fees and expenses) no later than March 31, 2010, and (ii) the reduction of revolving commitments by $5 million. The term loans are expected to be repaid from a combination of cash on hand and the proceeds of an equity issuance.

“This amendment provides increased financial and operational flexibility during these difficult market conditions,” says Rod Hershberger, PGT president and chief executive officer. “We believe that this operating and financial flexibility will position the company to excel as the building products industry recovers.”


Leave a Reply

Your email address will not be published. Required fields are marked *