Apogee amends credit facility with Wells Fargo, extends until 2021

By Wendy Van Sickle

Columbus, Ohio, Nov. 4 – Apogee Enterprises, Inc. amended its credit agreement with Wells Fargo Bank, NA as administrative agent on Wednesday, extending the facility to Nov. 2, 2021, according to an 8-K filed with the Securities and Exchange Commission.

The amended terms also

• Lifts the amount of the revolving credit facility to $175 million from $125 million;

• Lifts the amount of the letter-of-credit facility to $70 million from $40 million;

• Increases the total aggregate principal amount of additional incremental loans allowed to $100 million from $75 million;

• Increases the permitted leverage ratio to 3.25 times from 3 times;

• Requires the company to maintain an interest coverage ratio of at least 3 times; and

• Amends other covenants to be less restrictive.

The agreement had been set to expire on Dec. 17, 2019.

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

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.