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Headwaters gets option to extend maturity of ABL credit facility
By Angela McDaniels
Tacoma, Wash., May 9 - Headwaters Inc. amended its asset-based loan credit facility on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.
Among other things, the amendment provides a mechanism for the borrowers to extend the maturity date to the full fixed term of the facility on October 2014 from October 2013, which is three months before subordinated debt comes due in February 2014.
In order to make the extension, the borrowers must cash collateralize the subordinated debt in a blocked account and/or have sufficient reserve in their ABL borrowing capacity to cover the subordinated debt obligation.
Headwaters Construction Materials, Inc., Tapco International Corp. and Headwaters Resources, Inc. are the borrowers.
Bank of America, NA is the administrative agent.
Headwaters makes light building materials and heavy construction materials and is based in South Jordan, Utah.
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