Apogee extends revolver to 2018, cuts pricing, lowers LoC facility

By Tali David

Minneapolis, Nov. 25 - Apogee Enterprises, Inc. entered into an amendment to its $100 million five-year committed secured revolving credit facility, extending the maturity to Nov. 20, 2018 from Oct. 19, 2017 and decreasing the letter-of-credit facility to $50 million from $60 million, according to an 8-K filed with the Securities and Exchange Commission.

Wells Fargo Bank, NA is the administrative agent for the lenders.

The amendment, dated Nov. 20, also reduced pricing. The applicable margin for Libor loans now ranges from 150 basis points to 225 bps, and the commitment fee is 22.5 bps to 42.5 bps. The applicable margin is based on the company's leverage ratio.

In addition, the credit facility was amended to allow the company to obtain one or more term loan commitments. This is on top of the company's existing ability to request increases in revolving commitments. The company may request incremental loan commitments up to three times, provided that the aggregate principal amount for all incremental loans does not exceed $50 million and the total amount for each incremental loan is not less than $10.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.