Summit Materials lifts revolver to $345 million, extends to 2024

By Sarah Lizee

Olympia, Wash., Feb. 25 – Summit Materials, Inc. indirect subsidiary Summit Materials, LLC entered into an incremental amendment on Monday to its credit agreement with Bank of America, NA as administrative agent, increasing the total commitments under the revolving credit facility to $345 million from $235 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also reduced the applicable margin over Libor to 300 basis points from 325 bps when the first-lien leverage ratio is greater than 2.25 to 1.00 and 275 bps to 300 bps when the first-lien leverage ratio is less than or equal to 2.25 to 1.00.

Also, the maturity date was extended to Feb. 25, 2024, provided that if more than $100 million in principal amount of Summit’s senior unsecured notes due 2023 are outstanding as of April 16, 2023, then the maturity date will be April 16, 2023.

All other material terms of the revolver remain substantially the same, the filing noted.

Summit Materials is a Denver-based construction materials company.

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