Universal Forest Products enters new credit facility
Universal Forest Products, Inc. (UFPI) has entered into a 5-year, $375 million unsecured revolving credit facility with a syndicate of U.S. and Canadian banks led by JPMorgan Chase Bank, N.A., as administrative agent and Wells Fargo Bank, N.A., as syndication agent.
The new agreement commenced at the start of November and replaces a prior $295 million unsecured revolving credit facility agreement with the same agents.
“Our finance team did an excellent job of working with the lenders to expand our credit facility,” said Matt Missad, CEO of UFPI. “We believe it is advantageous to secure additional credit when it isn’t needed. This new arrangement provides us with the flexibility to invest in new products, automation, facilities, technology and targeted acquisitions while still maintaining a very strong balance sheet. It also reflects the confidence our lenders have in our business and the future of the company.”
Based in Grand Rapids, Mich., UFPI is a holding company whose subsidiaries supply wood, wood composite and other products to the retail, construction and industrial markets.
Last month, UFPI reported record third quarter sales and earnings.