Quanex draws $92 million under credit facility to purchase Flamstead

By Marisa Wong

Madison, Wis., June 16 – Quanex Building Products Corp. borrowed $92 million under its credit agreement dated Jan. 28, 2013 on June 15, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings were used to partially fund amounts due to shareholders in connection with Quanex’s purchase of all the outstanding ownership shares of Flamstead Holdings Ltd. The remainder of the transaction, valued at £95 million, was funded out of cash on hand.

Wells Fargo Securities, LLC is the lead arranger and syndication agent of the credit facility, and Wells Fargo Bank, NA is the administrative agent.

Houston-based Quanex manufactures components for the vehicle and building products industries. As a result of Flamstead becoming a wholly owned subsidiary, Quanex acquired Flamstead’s subsidiaries: HL Plastics Ltd., Vintage Windows Ltd., Wegoma Machinery Sales Ltd. and Liniar Ltd.

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