Universal Forest Products, Inc. UFPI today announced that it has
successfully negotiated loan agreements with Prudential Investment Management,
Inc. totaling $75 million, which will be used to refinance $40 million of
existing notes and for expansionary capital, including the acquisition of
Custom Caseworks, Inc., a manufacturer of commercial casework, fixtures and
related products.
The notes negotiated with Prudential include unsecured ten-year Series A
Senior Notes at 3.89 percent interest totaling $35 million, and unsecured
12-year Series B Senior Notes at 3.98 percent interest totaling $40 million.
Proceeds from the issuance of the notes will be used by the Company to
refinance its existing Series 2002-A Senior Notes totaling $40 million, which
carried a 6.16 percent interest rate, and for general corporate purposes.
The notes allow the Company to, among other things, pay down its revolving
credit line used for the November 2012 purchase of Washington-based Nepa
Pallet and Container Co., and provide capital for the pending purchase of
Custom Caseworks, Inc., which is expected to close no later than December 31,
2012.
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