Simpson Manufacturing extends $300 million revolver to 2021

By Wendy Van Sickle

Columbus, Ohio, July 28 – Simpson Manufacturing Co., Inc. extended its $300 million revolving credit agreement dated July 27, 2012 with Wells Fargo Bank, NA as administrative agent to July 23, 2021 from July 27, 2017, according to an 8-K filing with the Securities and Exchange Commission.

Monday’s amendment also modifies the credit agreement’s maximum consolidated leverage ratio. The ratio is 3 times as of the last day of each fiscal quarter, but under the amendment the ratio will be increased to 3.25 times for four quarters after an acquisition of $100 million or more.

The company must pay an annual facility fee of 15 basis points to 30 bps on available commitments, regardless of usage. Borrowings continue to bear interest at Libor plus 60 bps to 145 bps, depending on leverage.

MUFG Union Bank, NA, HSBC Bank USA, NA and Bank of Montreal are also lenders under the agreement.

Pleasanton, Calif.-based Simpson manufactures building materials, including wood-to-wood, wood-to-concrete and wood-to-masonry connectors.

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