84 Lumber refinances
84 Lumber has finalized a $225 million senior secured revolving credit facility to refinance existing debt, and for general corporate purpose. Wells Fargo Capital Finance and PNC Bank and acted as joint lead arrangers. GE Capital acted as co-collateral and documentation agent for the loan.
84 Lumber chief financial officer Paul Lentz said the new facility will give 84 Lumber greater financial flexibility and liquidity as it continues to improve its business following the housing market crash.
“It’s gratifying that Wells Fargo, who’ve supported us through the depths of the housing crisis, see the progress that we have made and continue to make as the economy and housing markets recover,” said Lentz. “We view their continued commitment to 84 Lumber as a sign that our management team has made the right decisions and taken the proper courses of action to not only survive the housing downturn but to put ourselves in a position to be a significant supplier as the markets continues to recover.
Founded in 1956 and headquartered in Eighty Four, Pa., 84 Lumber is the largest privately owned LBM chain, operating 250 stores, component plants, door shops, installation centers and engineered wood product shops in 30 states.