Beacon acquires The Roofing Connection
Peabody, Mass.-based Beacon Roofing Supply has acquired The Roofing Connection, a distributor of residential roofing products and related accessories with one location in the Halifax suburb of Dartmouth, Nova Scotia. The Roofing Connection will be operated as part of Beacon Roofing Supply Canada Co.
"The Roofing Connection has a track record of strong performance and provides us with an excellent opportunity to expand into the capital of Nova Scotia Province, giving Beacon a coast-to-coast presence in Canada,” said Paul Isabella, Beacon’s CEO and president. “We welcome The Roofing Connection to the Beacon team."
Cheryl O’Brien, co-founder of The Roofing Connection with her husband Pat, said: "Pat and I are thrilled to join the Beacon family, which will allow The Roofing Connection to better serve our customers and expand our product offerings. Joining Beacon will enable us to grow our business both in Halifax and throughout the Province and presents greater career growth opportunities for our employees. We are excited about our future with Beacon."
LP announces fourth amendment to credit agreement
Louisiana-Pacific Corp. one of the industry’s leading suppliers of oriented strand board and other building materials, has announced a $100 million extension to its revolving credit agreement with its lenders and Bank of America, N.A., as administrative agent.
Among other changes, the fourth amendment:
• Extends the maturity of the revolving loan facility from Sept. 10, 2012, to Oct. 14, 2016;
• Decreases the interest rate payable for certain types of loans;
• Permits LP to include in its borrowing base certain vendor managed inventory that was previously excluded;
• Increases LP’s flexibility to incur and prepay certain debt; and
• Provides that the revolving lenders’ second priority liens on certain assets of LP and its subsidiaries will be automatically released in connection with the repayment of such other indebtedness.
"We are very pleased with this amendment and the strong support LP has received from our banks," said Mark Tobin, treasurer of the Nashville, Tenn.-based company. "This facility, as amended, provides LP with greater flexibility over a longer term and at attractive pricing. As we continue to navigate through a very difficult housing market, it is important to have the certainty that stable, long-term liquidity lines provide. We believe this to be crucial to our operations and investors as we move forward."
PulteGroup exec named Mortgage Bankers Association chairman-elect
Bloomfield Hills, Mich.-based PulteGroup has announced that Pulte Mortgage president and CEO Debra Still was named chairman-elect of the Mortgage Bankers Association (MBA) at its 98th Annual Convention & Expo in Chicago this week. She currently serves as vice chairman of the MBA and will become chairman of the 2012-2013 MBA board.
Still has more than three decades of experience in the mortgage industry. During her time at Pulte Mortgage, she has served as EVP production, a member of the board of directors and corporate secretary, chief operating officer, and her current position as president and CEO.
She previously served as chair of MBA’s Residential Board of Governors and is a member of the association’s board of directors. An MBA member for more than a decade, she also served on the MBA’s Strategic Planning Committee, Loan Origination Task Force, Affordable Housing Committee and Secondary and Capital Markets Committee, and was Chair of the MBA Forward Task Force.
"Deb is a highly regarded and valued member of PulteGroup’s senior management team and a recognized expert in the mortgage industry," said PulteGroup Chairman, president and CEO Richard Dugas Jr. "Given her technical expertise and the high-standards she sets for herself as well as those surrounding her, Deb is well-suited to help guide the MBA and address major issues facing the mortgage industry today."