Apogee Closes on $100 Million Revolving Credit Facility
Apogee Enterprises (NASDAQ: APOG) today announced that it has amended and extended its secured revolving credit facility to support the company's strategic growth plans with an expanded facility at better terms. The facility has been extended five years to October 2017 and expanded to $100 million, from $80 million. It replaces the previous secured revolving credit facility that was set to expire in January 2014.
“The expanded credit facility, along with Apogee's strong balance sheet and expectations of improving free cash flow position us to invest in growing domestically and internationally. We plan to invest in new capabilities and new capacities, as well as to fund acquisitions,” said James S. Porter, Apogee chief financial officer. “In addition, with Apogee's improving financial performance and the current attractive financial markets, we were able to refinance our revolving credit facility at better terms. We are pleased with the ongoing support we have received from our lenders.”
Wells Fargo Bank, National Association serves as administrative agent, swingline lender and issuing lender of the new facility, while Comerica Bank is documentation agent and issuing lender. Additional lenders under the new facility are BMO Harris Bank N.A. and US Bank, National Association.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.