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Truist Bank Agents Revolver Increase, Extension for Builders FirstSource

February 03, 2021, 08:00 AM
Filed Under: Building Supply
Related: Truist Bank

Builders FirstSource increased the revolving facility commitments and extended the maturity date under its existing $900 million revolving credit facility. Truist Bank will continue to serve as administrative and collateral agent under the Facility.

In connection with the amended and restated Facility, the Company increased the total commitment from $900 million to $1.4 billion and extended the maturity date by 26 months to January 2026. The credit facility will be available for working capital needs, general corporate purposes and growth initiatives. Currently there are no borrowings outstanding on the credit facility.

Separately, on February 1, 2021, Moody’s Investors Service (“Moody’s”) upgraded Builders FirstSource’s Corporate Family Rating (“CFR”) two notches to Ba2 from B1.

“The increase and extension of this facility provides us with an improved capital base that better represents our larger reach and scale following the recent completion of our merger with BMC Stock Holdings,” said Peter Jackson, Chief Financial Officer of Builders FirstSource. “In addition, the recent double-notch upgrade to our credit rating from Moody’s further highlights the enhanced strength of our cash generation and balance sheet following our combination with BMC.”

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