84 Lumber Closes on $310 Million Loan Toward ITNovember 15th, 2019 by Editor
84 Lumber Company, a privately held building materials supplier, announced yesterday the company has entered into a new seven-year, $310-million, senior secured Term Loan B facility and five-year, $400-million, asset-based revolving credit facility. The proceeds will be used to refinance the $307.5 million outstanding Term Loan B currently held by the company and a $400-million asset-based loan revolver.
As a result of the refinancing, officials say the company now has no debt maturities prior to 2024. Wells Fargo Securities and PNC Capital Markets served as joint lead arrangers and bookrunners on the transaction.
The company will focus on increasing productivity through information technology systems and processes, officials say.
“I’m immensely proud of the performance of our company over the last three years,” says 84 Lumber president Maggie Hardy Knox. “Our capital structure will continue to provide us the flexibility to opportunistically expand and build on our current and future successes. We have the right people and the necessary resources in place to take our company to the next level.”