Quanex draws $50 million under revolver as precautionary measure

By Sarah Lizee

Olympia, Wash., April 6 – Quanex Building Products Corp. drew an additional $50 million under its $325 million senior secured revolving credit facility due 2023, according to a press release.

The company said the draw was made as a precautionary measure and in an effort to increase its cash position and preserve financial flexibility due to uncertainty surrounding the Covid-19 pandemic.

The proceeds are available to be used for working capital and general corporate purposes.

Quanex currently has about $70 million of cash on hand and about $100 million of capacity remaining under the credit facility.

Quanex is a Houston-based supplier of window and door components.

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