Huttig Building Products Inc., distributor of millwork, building materials and wood products, announced last week that it has entered into an agreement to amend and extend its $120 million senior secured credit facility.

The amendment, among other things, extends the facility from October 20, 2011 to September 3, 2014, according to a company press release. The amended facility can be increased to $160 million, through an uncommitted $40 million accordion feature, subject to certain conditions. General Electric Capital Corp. (GECC) and Wells Fargo Capital Finance LLC (Wells Fargo) acted as co-syndication agents.

“We believe improved conditions in the lending market, coupled with the level of interest received from our lenders, made this an opportune time to complete our refinancing,” says Philip W. Keipp, Huttig’s vice president and chief financial officer. “We also feel we have alleviated any unforeseen lending risks which may otherwise arise in the markets.”

Keipp added that the amended credit facility will provide the company with additional borrowing capacity and bring increased financial flexibility.

“We believe the agreement is an endorsement of the company’s ability to compete in an otherwise challenging market place. Executing the facility allows us to remain focused on meeting market challenges and growing our business,” he adds.

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