- Five-year term through 2022 -
-Interest Rates lower than existing ABL-
ATLANTA, Oct. 09, 2017 (GLOBE NEWSWIRE) -- BlueLinx Holdings Inc. (NYSE:BXC), a leading distributor of building and industrial products in the United States, announced today it has executed an agreement that provides the company with a new five year, $335 million syndicated secured asset based revolving credit facility, with an option to increase the total commitments under the facility by up to $75 million subject to certain conditions including the consent from the lenders providing the incremental commitments (the “ABL Facility”). The ABL Facility, which matures in 2022, replaces the company’s existing $335 million credit facility that expires in July 2018. The ABL Facility is expected to close and fund on October 10, 2017.
"We are very pleased to announce this new five-year financing to support our working capital and growth needs. The increased size and improved economic terms of this financing represent a culmination of the tremendous efforts of our associates over the last few years and the continued support of our customer and supplier partners,” said Mitch Lewis, President and CEO.
Wells Fargo Bank, National Association, Administrative Agent, and Bank of America, N.A., Syndication Agent, acted as the joint lead arrangers for the syndicated credit facility.
Susan O’Farrell, Chief Financial Officer, added, “We appreciate the long standing relationship with Wells Fargo and Bank of America and welcome our new lending partners, BMO, Citizens and SunTrust. We look forward to working with them as we continue the momentum we have created at BlueLinx.”
About BlueLinx Holdings, Inc.
BlueLinx Holdings Inc., operating through its wholly-owned subsidiary BlueLinx Corporation, is a leading distributor of building and industrial products in the United States. The Company is headquartered in Atlanta, Georgia and operates its distribution business through a broad network of distribution centers. BlueLinx is traded on the New York Stock Exchange under the symbol BXC. Additional information about BlueLinx can be found on its website at www.BlueLinxCo.com.
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All of these forward-looking statements are based on estimates and assumptions made by our management that, although believed by us to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements. These risks and uncertainties may include, among other things: changes in the prices, supply and/or demand for products that it distributes; inventory management and commodities pricing; new housing starts and inventory levels of existing homes for sale; general economic and business conditions in the United States; acceptance by our customers of our privately branded products; financial condition and creditworthiness of our customers; supply from our key vendors; reliability of the technologies we utilize; the activities of competitors; changes in significant operating expenses; fuel costs; risk of losses associated with accidents; exposure to product liability claims; changes in the availability of capital and interest rates; adverse weather patterns or conditions; acts of cyber intrusion; variations in the performance of the financial markets, including the credit markets; and other factors described in the “Risk Factors” section in the Registration Statement on Form S-3 filed with Securities and Exchange Commission (“SEC”) on August 28, 2017, as such risk factors may be amended or supplemented from time to time and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, its quarterly Reports on Form 10-Q, and in its periodic reports filed with the SEC from time to time. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. Unless otherwise indicated, all forward-looking statements are as of the date they are made, and we undertake no obligation to update these forward-looking statements, whether as a result of new information, the occurrence of future events, or otherwise. Some of the forward-looking statements discuss the company’s plans, strategies, expectations and intentions. They use words such as “expects”, “may”, “will”, “believes”, “should”, “approximately”, “anticipates”, “estimates”, “outlook”, and “plans”, and other variations of these and similar words, and one or more of which may be used in a positive or negative context.
4300 Wildwood Parkway
Atlanta, GA 30339
BlueLinx Contact Information:
Susan O’Farrell, SVP, CFO & Treasurer
BlueLinx Holdings Inc.
Natalie Poulos, Investor Relations
BlueLinx Holdings Inc.