Beacon Roofing Supply refinances
Beacon Roofing has entered into $565 million of new five-year credit agreements consisting of a $550 million U.S. credit facility and a C$15 million Canadian credit facility with Wells Fargo Bank, National Association as administrative agent and as a lender. Other lenders also participated.
The new agreements refinance the company’s prior combined $515 million credit facilities that were provided through GE Antares and an affiliate. According to Beacon, the new facility provides the wholesaler with historically low interest rates and readily available funds for future acquisitions and ongoing working capital requirements.
In a prepared statement, David Grace, Beacon’s executive VP and 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."
Headquartered in Peabody, Mass., Beacon Roofing Supply is a leading distributor of roofing materials and other exterior building products, operating 193 branches in 38 states in the United States and across Canada.
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Dow to close plants, reduce work force
Citing weakness in the European economy, Dow Chemical Co. announced it will close four manufacturing plants and lay off 900 workers in order to save approximately $250 million in annual costs.
Three facilities, located in Poland, Hungary, and Charleston, Ill., make Styrofoam brand insulation products. A Styrofoam plant in The Netherlands will be idled. Dow will also close a facility in Brazil that makes toluene diisocyanate (TDI), a chemical used to make polyurethane.
The Illinois plant has about 30 workers, and its operations will be consolidated with a plant in New Jersey, a Dow spokesperson told Reuters news service.
The Midland, Mich.-based company also said it will consolidate certain other assets in its polyurethanes and epoxy businesses. These actions are expected to take place over the next two years.
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Paint Sundries Solutions partners with LMC
Paint Sundries Solutions, Inc (PSS) has partnered with Lumbermens Merchandising Corp. (LMC), a leading forest products and building materials buying group.
PSS is a full-service distributor of brand name paint-related products headquartered in Kirkland, Wash., with distribution centers in Seattle, Salt Lake City, Los Angeles and Dallas.
In the central and western United States, PSS will offer premium products along with market expertise, according to the press release announcing the move.
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