Apogee Enterprises gets $80 million revolver led by Wells Fargo

By Sara Rosenberg

New York, Feb. 2 - Apogee Enterprises Inc. closed on a new $80 million three-year secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Wells Fargo acted as the lead arranger and bookrunner on the deal that was completed on Jan. 27.

Pricing on the revolver can range from Libor plus 225 basis points to 300 bps and the commitment fee can range from 35 bps to 60 bps, based on leverage.

There is a $40 million accordion feature.

Covenants include minimum levels of net worth and an adjusted debt to EBITDA ratio.

Proceeds were used to replace an existing $100 million unsecured revolver that was set to mature on Nov. 14.

Apogee is a Minneapolis-based designer and developer of glass products, services and systems.

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