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KeyBanc, J.P. Morgan Arrange $300MM Facility for Gibraltar Industries

December 11, 2015, 07:53 AM
Filed Under: Manufacturing

Gibraltar Industries, Inc. has closed on a new $300 million five-year revolving credit facility. The new facility replaces a $200 million secured revolving credit agreement due to mature in October 2016. Subject to certain conditions, Gibraltar also has the option to increase the size of the facility by up to an additional $200 million.

In addition to the increase in capacity, the new agreement will reduce the Company’s cost of borrowing. It has an initial applicable interest rate of LIBOR plus 1.75%, a reduction of 0.50% from the applicable rate on the previous facility. The new facility, which provides greater availability than the asset-based revolver that it has replaced, will be used for general corporate purposes, including funding future acquisitions, and is due to mature in December 2020.

KeyBanc Capital Markets Inc. and J.P. Morgan Securities LLC acted as Joint Lead Arrangers for the new facility, with Bank of America, N.A., M&T Bank, Citizens Bank, N.A. and PNC Bank National Association serving as Co-Documentation Agents. Six additional lenders participated.

“Thanks to an extraordinary group of banks that have continued to support our growth strategy for many years, we have successfully increased the size, reduced the cost and extended the terms of our revolving credit agreement, while providing increased flexibility as we continue to execute our growth strategy,” said Gibraltar Treasurer Timothy Murphy. “This new facility will be instrumental for Gibraltar as we continue to drive our four-pillar transformational change strategy, achieve our key financial objectives, and work to increase shareholder returns.”

Gibraltar Industries is a leading manufacturer and distributor of building products for the industrial, infrastructure and residential markets. With a four-pillar strategy focused on operational improvement, product innovation, acquisitions and portfolio management, Gibraltar’s mission is to drive best-in-class performance. Gibraltar serves customers worldwide through facilities in the United States, Canada, England, Germany, China, and Japan.

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