Apogee Enterprises 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.
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