Boise Cascade amends $350 million credit facility, increasing pricing by 50 bps

By Angela McDaniels

Tacoma ,Wash., April 21 - Boise Cascade, LLC amended its $350 million asset-based lending facility with Bank of America on Thursday, according to an 8-K report filed with the Securities and Exchange Commission on Monday.

The company said the amendment increased the drawn pricing of the facility by 50 basis points and modified other terms and conditions, including constraints on Boise Cascade's ability to make future distributions to its equity holders and acquisitions.

The amendment was agreed to in connection with the completion of Bank of America's syndication of the credit agreement, the filing stated.

The margin for Libor revolver loans and letters-of-credit fees is now 300 basis points if the average availability is $75 million or less, 275 bps if the average availability is $75 million to $175 million and 250 bps if the average availability is more than $175 million.

The company had $64.2 million borrowed under the facility as of March 31, according to the filing.

Boise Cascade manufactures and sells corrugated containers, paper, pulp and newsprint. The company is based in Boise, Idaho.

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