Orchard Supply Hardware Stores has announced additional progress in its efforts to strengthen its financial position through refinancing and reducing its debt.
The company closed on a new five-year Senior Secured Credit Facility consisting of a $120.0 million revolving credit facility and a $7.5 million FILO term loan, with Wells Fargo Capital Finance and Bank of America, N.A. The new facility replaces Orchard's existing $100.0 million Senior Secured Credit Facility.
Using the phrase “significant milestone” to describe the news, Peabody, Mass.-based Beacon Roofing Supply entered a new five-year senior-secured credit facility consisting of a $550 million credit facility with Wells Fargo Bank.
The deal also includes a C$15 million Canadian credit facility.
The deal refinanced the Company’s prior combined $515 million credit facilities that were provided through GE Antares and an affiliate.