Apogee amends credit facility with Wells Fargo, extends until 2019

By Susanna Moon

Chicago, Dec. 23 – Apogee Enterprises, Inc. amended its credit agreement with Wells Fargo Bank, NA as administrative agent, extending the facility to Dec. 17, 2019, according to an 8-K filed with the Securities and Exchange Commission.

Pricing was reduced to Libor plus 112.5 basis points to 175 bps, based on leverage.

The amended terms also

• Lifts the amount of the revolving credit facility to $125 million;

• Drops the amount of the letter-of-credit facility to $40 million;

• Increases the total aggregate principal amount of additional incremental loans allowed to $75 million;

• Revises the permitted leverage ratio to 3 times; and

• Amends other covenants to be less restrictive.

The agreement also contains two extension options, with approval by lenders holding 70% of the commitments then outstanding.

The agreement had been set to expire on Nov. 20, 2018.

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

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