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Apogee lowers revolver to $235 million, adds $150 million term loan
By Sarah Lizee
Olympia, Wash., June 28 – Apogee Enterprises, Inc. amended and restated its credit agreement with Wells Fargo Bank, NA as administrative agent, decreasing the revolver to $235 million from $335 million and adding a new $150 million term loan, according to an 8-K filing with the Securities and Exchange Commission.
The revolver bears interest at Libor plus 112.5 basis points to 175 bps, and the term loan bears interest at Libor plus 87.5 bps to 150 bps, in each case depending on the leverage ratio.
The commitment fee ranges from 15 bps to 32.5 bps.
The amount of the letter-of-credit subfacility under the revolver was increased to $80 million.
The maturity of the revolver was extended to June 25, 2024 from Nov. 2, 2021.
The maturity of the term loan is June 23, 2020.
The permitted leverage ratio was increased, only during an acquisition holiday, to 3.75 to 1.00.
The incremental loans provisions were amended to increase the total aggregate principal amount of additional loans allowed to $190 million.
Several other covenants and related definitions were amended to be less restrictive, including a change to the definition of EBITDA, a change to the definition of “material subsidiary,” a change to the determination of subsidiary guarantors, an increase in the amount of certain types of permitted liens, an increase in the amount of certain types of permitted debt, an increase in the types of permitted affiliate transactions, and an increase of the dollar threshold for certain events of default, the filing noted.
Some covenants regarding anti-terrorism laws, sanctions, anti-money laundering laws, anti-corruption laws, margin stock holdings, and ERISA were amended to be more restrictive and consistent with commercial lending best practices.
No other provisions were materially amended.
Minneapolis-based Apogee provides value-added glass products and services.
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