GMS lifts ABL revolver to $445 million, extends it, amends pricing

By Angela McDaniels

Tacoma, Wash., Sept. 30 – GMS Inc. subsidiary GYP Holdings III Corp. amended its ABL revolving credit facility on Monday to increase the commitments to $445 million from $345 million and extend the maturity date to Sept. 30, 2024 from Nov. 18, 2021, according to an 8-K filing with the Securities and Exchange Commission.

The company also amended the interest rate margin to 150 basis points if the average daily availability is 66.7% of the line cap or greater and 125 bps if the average daily availability is less than 66.7% of the line cap.

The revised pricing reflects the removal of the highest level applicable in the pricing schedule, which had included a margin of 175 bps.

In addition, the line cap has been amended to mean the lesser of the aggregate revolving credit commitments and the borrowing base.

The applicable margin will be 125 bps until Oct. 31.

Wells Fargo Bank, NA is the administrative agent.

GMS is a Tucker, Ga.-based distributor of wallboard and suspended ceilings systems.

© 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.