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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Wells Fargo CF Agents Boise Cascade’s Amended Credit Facility
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Lenders/Participants
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Wells Fargo Capital Finance [Administrative Agent]
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Structure
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$350MM Revolver; New $50MM Term Loan
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Amount
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$400.000
Million
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Borrower(s)
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Boise Cascade; Boise Cascade Wood Products, L.L.C.; Boise Cascade Building Materials Distribution, L.L.C.
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Description
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The principal changes resulting from the Amended Agreement were to add a term loan component and to extend the maturity date of the facility. The Amended Agreement consists of a $350.0 million (subject to an increase pursuant to an accordion feature) revolving loan (Revolver) maturing on April 30, 2020 and a new $50.0 million term loan (Term Loan) maturing on May 1, 2022. Borrowings under the Amended Agreement are constrained by a borrowing base formula dependent upon levels of eligible receivables and inventory reduced by outstanding borrowings and letters of credit (Availability). Borrowings under the Revolver may be repaid and re-borrowed from time to time at the discretion of the borrowers without premium or penalty. Borrowings under the Term Loan may also be repaid from time to time at the discretion of the borrowers without premium or penalty. However, any principal amount of Term Loan repaid, may not be subsequently re-borrowed. Interest rates under the Amended Agreement are based, at the company’s election, on either the London Interbank Offered Rate (LIBOR) or a base rate, as defined in the agreement, plus a spread over the index. The applicable spread for the Revolver did not change from the Prior Agreement. The applicable spread for the Term Loan ranges from 0.75% to 1.25% for base rate loans, and 1.75% to 2.25% for LIBOR rate loans, both dependent on the amount of Average Excess Availability (as defined in the Amended Agreement). The Term Loan was issued by two institutions within the farm credit system and will be eligible for patronage credits.
The Amended Agreement is secured by a first priority security interest in substantially all of the assets of the borrowers and the guarantors except property and equipment.
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Industry
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Building Supply
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| Related Tags |
Wells Fargo Capital Finance
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ABL Advisor
Deal Tables
2025
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