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BofA, Others in U.S. Concrete $20.5MM Increase to Asset-Based Facility

April 01, 2013, 03:07 PM
Filed Under: Manufacturing

On March 28, 2013, U.S. Concrete, Inc. amended its asset-based credit agreement to increase the total commitments under the facility from $80 million to $102.5 million. The expiration date of the credit facility remains July 1, 2015 and the facility retains an uncommitted accordion feature that may allow for an increase in the total commitments under the facility to as much as $125 million. Availability under the facility is subject to certain conditions including the calculation of a borrowing base.

U.S. Concrete president and chief executive officer, William J. Sandbrook, said, "This increase in commitments provides the Company with additional liquidity to fund future acquisitions and other value-creating investments as we execute on our strategic plan."

An 8-K filing with the Securities and Exchange Commission indicates that Bank of America is the administrative agent on the transaction with Capital One Leveraged Finance and Union Bank listed as lenders.

U.S. Concrete services the construction industry in several major markets in the United States through its two business segments: ready-mixed concrete and aggregate products.

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