84 Lumber builds on its financing
Eighty Four, Pennsylvania-based 84 Lumber Company reported that a new round of financing will provide operational and financial flexibility to invest in its growth.
The company announced that it closed on a new $350 million Senior secured term loan B (“TLB”) and refinanced its existing credit facility with a new $350 million asset based revolving credit facility.
“Through this refinancing, we are able to capitalize on growing customer demand by deliberately investing in and enhancing our product and service capabilities,” said Maggie Hardy Magerko, 84 Lumber’s president and owner.
84 Lumber intends to use the proceeds to refinance a sale leaseback agreement consisting of a portfolio of 109 properties, repay the existing ABL facility and pay fees and expenses related to the transaction. The transaction provides the Company with operational and financial flexibility to reinvest in the business and pursue targeted, organic growth.
The TLB and ABL Revolver mature on October 25, 2023 and October 25, 2021, respectively.