Associated Materials amends, pays down asset-based loan facility

By Taylor Fox

New York, Aug. 24 – Associated Materials amended and paid down its asset-based loan facility in conjunction with a series of recapitalization transactions, according to a news release.

Associated Materials used proceeds from a $250 million issuance of 9% senior secured notes to pay down the existing balance on its asset-based loan facility, provide liquidity on its balance sheet and pay fees and expenses in connection with the recapitalization transactions.

Associated Materials also amended its asset-based loan facility commitment to $150 million and extended the maturity to 2024.

The transactions have reduced Associated Materials’ net leverage to around 2 times its adjusted EBITDA for the 12 months ended June 2020 and have expanded its total liquidity to in excess of $200 million.

Associated Materials manufactures and distributes exterior residential building products and is based in Cuyahoga Falls, Ohio.

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