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Masonite Completes Expanded $250MM Asset Based Credit Facility with Banking Syndicate

February 01, 2019, 08:00 AM
Filed Under: Building Supplies

Masonite International Corporation announced it entered into an Amended and Restated $250 million asset-based revolving credit facility, which is secured by the Company’s inventory and accounts receivable in the United States, United Kingdom (UK) and Canada. The Company increased the size of the committed facility to $250 million from $150 million, added the UK and extended the maturity date of the Revolving ABL Facility to January 31, 2024 from its prior maturity date of April 9, 2020. As of January 31, 2019, there were no amounts outstanding under the Revolving ABL Facility.

"We are pleased with the completion of our expanded credit facility which provides us with improved terms and further enhances our liquidity," said Joanne Freiberger, Vice President and Treasurer of Masonite.

A total of eight lenders are participating in the Revolving ABL Facility, including Wells Fargo Bank N.A. as the Administrative Agent and Bank of America, N.A as the Syndication Agent. Wells Fargo Bank N.A.; Bank of America, N.A; RBC Capital Markets, LLC and HSBC Bank N.A. are serving as Joint-Lead Arrangers and Joint Bookrunners. RBC Capital Markets, LLC; HSBC Bank N.A.; JPMorgan Chase Bank, N.A.; TD Bank; PNC Bank, National Association and Regions Bank are serving as Documentation Agents.

“Wells Fargo is very pleased to work with a great management team and an industry leader such as Masonite,” said Rob Griffin, Managing Director, Wells Fargo Capital Finance. “Our goal is to provide our customers with the financial flexibility and industry knowledge to support their long-term strategy and growth.”

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