Simpson Manufacturing to borrow $150 million under credit facility

By Rebecca Melvin

New York, March 24 – Simpson Manufacturing Co., Inc. provided notice to the administrative agent under its credit facility to borrow an aggregate principal amount of $150 million, according to an 8-K filing with the Securities and Exchange Commission.

There had been no amounts outstanding under the credit facility.

The company borrowed under the facility to increase its cash position and preserve financial flexibility in light of current uncertainty resulting from the Covid-19 outbreak.

The proceeds from the borrowings will be available to be used for working capital, general corporate or other purposes permitted by the credit facility, which was originally dated July 27, 2012 with Wells Fargo Bank, NA as administrative agent and extended July 27, 2017.

The facility includes a $300 million revolver maturing July 2021.

The Pleasanton, Calif.-based company makes building materials.

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