BMC increases credit agreement
Funding will be used to for strategic growth.
BMC Stock Holdings, Inc. has increased its senior secured credit agreement, which includes a revolving line of credit, from $375 million to $425 million and extended the maturity from Dec. 1, 2020 to May 31, 2024.
The Credit Agreement is led by Wells Fargo Capital Finance. Other participating banks include Bank of America N.A., Goldman Sachs Bank USA, Royal Bank of Canada and SunTrust Bank.
“We are pleased to unlock additional liquidity to fund strategic growth opportunities through the increased commitments under this facility,” said Jim Major, executive vice president, CFO and treasure of BMC. “With this enhanced availability, extended maturity and our low leverage, we are even better positioned to execute on our strategic priorities, which include investments in value-added products and services, manufacturing automation and acquisitions. We appreciate the support of our bank group in expanding our available sources of financing.”
Last month BMC posted a net income of $20.4 million for the first quarter 2019, up more than 32% from a net income of $15.4 million for the corresponding quarter last year.
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