Huttig extends its credit facility
St. Louis-based Huttig Building Products arranged financing that extends its borrowing capacity from $160 million to $250 million.
The company announced the deal July 18.
“Our amended credit facility allows us to continue implementing our investment strategy,” said Oscar A. Martinez, Huttig’s VP and chief financial officer. “While the facility did not expire until 2019, the increased size and extended maturity provides the capital structure flexibility to fuel our continued growth. We are pleased to continue our relationship with Wells Fargo, Bank of America and JPMorgan who have been valued lending partners.”
The new deal reduces interest rate charges and extends the facility for five years from the execution date, to July 14, 2022.
Huttig is a 133=year-old business and a leading domestic distributor of millwork, building materials and wood products. The company operates 27 distribution centers serving 41 states. The company’s wholesale distribution centers sell principally to building material dealers, national buying groups, home centers and industrial users.