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Masonite increases ABL revolver to $250 million, extends to 2024
By Sarah Lizee
Olympia, Wash., Feb. 6 – Masonite International Corp. amended and restated its asset-based secured revolving credit facility on Jan. 31 with Wells Fargo Bank, NA as administrative agent, increasing the revolving commitments to $250 million from $150 million.
The amendment also extended the maturity date to Jan. 31, 2024 from April 9, 2020, incorporated U.K. borrowers and borrowing capacity and amended some other provisions, according to an 8-K filing with the Securities and Exchange Commission.
Wells Fargo Bank, NA, Bank of America, NA, Royal Bank of Canada and HSBC Bank USA, NA are joint lead arrangers and book managers.
Bank of America is the syndication agent, and Royal Bank of Canada, HSBC, JPMorgan Chase Bank, NA, PNC Bank, NA, Regions Bank and TD Bank, NA are co-documentation agents.
Borrowings bear interest at Libor plus a margin ranging from 125 basis points to 150 bps.
There is a 25 bps commitment fee.
The facility continues to provide for the issuance of up to $35 million of letters of credit as well as swingline loans in an aggregate amount of up to $25 million.
As of Jan. 31, there were no amounts outstanding under the ABL facility.
Proceeds may be used for general corporate purposes and the issuance of letters of credit.
Financial covenants include a springing fixed-charge coverage ratio of 1 to 1, which would be triggered when the borrowers fail to maintain an excess availability under the facility of $25 million, and a springing minimum availability covenant requiring a minimum availability equal to the greater of $12.5 million and 12.5% of the facility, which would be triggered when the borrowers fail to maintain a fixed-charge coverage ratio of 1 to 1 during any measurement period.
Masonite is a Tampa, Fla.-based designer and manufacturer of interior and exterior doors for residential new construction.
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