Huttig gets $160 million asset-based revolver

By Sara Rosenberg

New York, Oct. 23 - Huttig Building Products Inc. closed on a new $160 million five-year asset-based revolving credit facility, according to a company news release.

GE Capital Markets acted as the lead bank on the deal.

Pricing on the facility can range from Libor plus 100 to 175 basis points, based on excess availability. The initial rate is set at Libor plus 100 bps.

There is a $40 million accordion feature.

Proceeds were used to refinance the company's exiting credit facility that carried an interest rate of Libor plus 175 bps.

Financial covenants in the new facility are limited to a fixed-charge coverage ratio to be tested only when excess availability is less than $25 million, and prior to consummation of certain significant business transactions.

Huttig is a St. Louis-based distributor of millwork, building materials and wood products.

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