Beacon Roofing Supply enters new credit deal
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.
David Grace, the company’s executive VP & CFO, said: "We are very pleased to enter into this new arrangement with Wells Fargo, who understands our business and our unique position in the industry. The new credit facility provides attractive LIBOR margin pricing, reasonable financial covenants, and substantial liquidity and financial flexibility to aggressively pursue acquisitions and grow our company. The timing for us to refinance was ideal because interest rates are at historical low levels. There also was a very high level of interest from lenders because of our successful history of growth and profitability. This credit facility is a significant milestone in Beacon’s history."
Borrowings under the credit facility bear interest at a rate equal to LIBOR plus a margin. Such margin is initially 1.75% per year, and can range from 1.50% to 2.50% per year depending upon the company’s total leverage ratio.
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Boise Cascade consolidates in Dallas
Boise Cascade’s Building Materials Distribution has closed its facility in north Dallas and moved the operations to another expanded Dallas location. The Duncanville Road expansion includes an additional six acres of concrete paving for outside storage, an additional 10-car rail spur, and a nearby 154,000-sq.-ft. fully enclosed warehouse.
Al Cron, manager of the Dallas operation said in a prepared statement: “The consolidation of the Dallas facilities will enhance our efficiency greatly. In addition, the increased space will allow for a greatly expanded product line to better serve our customers, as well as providing enhanced safety for our associates."
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Union official of building/construction AFL/CIO dies suddenly
Mark Ayers, the 63-year-old president of the building and construction trades department of the AFL/CIO, died unexpectedly on April 8, according to an announcement issued by the organization. No details were released on the cause or circumstances of his death. Ayers served as president since 2007.
Ayers was the first union executive other than a general president to be appointed to the building trades’ top job. He had previously served as director of construction and maintenance for the International Brotherhood of Electrical Workers (IBEW) based in Peoria, Ill.
The building and construction trades department will hold its national legislative conference on April 30 in Washington, D.C. President Obama is scheduled to address an estimated 3,000 attendees.
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