FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


New Enterprise Stone & Lime in New $175MM Credit Facility With PNC, Wells Fargo

February 18, 2014, 07:42 AM
Filed Under: Construction

New Enterprise Stone & Lime Co., Inc. announced that it has refinanced its credit facility with a new revolving credit facility and new term loans providing up to $175 million of available borrowing capacity. The new borrowings consist of a Revolving Credit Agreement with PNC Bank, National Association as administrative agent and Wells Fargo Bank, National Association as syndication agent, providing for revolving credit loans and letters of credit in an aggregate principal amount, of up to $105 million and a Term Loan Credit and Guaranty Agreement with certain funds managed by KKR Asset Management LLC, as lenders thereunder, providing for term loans in the aggregate principal amount of $70 million.

Paul I. Detwiler, III, the Company's President and Chief Executive Officer, commented on the new credit facility and term loans saying, "The refinancing is an important milestone for New Enterprise as we continue to strengthen the Company's financial position. We are executing on our cost savings and operational efficiency plan which, together with the improvement in liquidity, we believe should allow us to increase profitability and benefit from potential growth associated with Pennsylvania's recent transportation funding bill."

New Enterprise Stone & Lime Co., Inc. is a leading privately held, vertically integrated construction materials supplier and heavy/highway construction contractor in Pennsylvania and western New York and a national traffic safety services and equipment provider.

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.