Builders FirstSource Announces Increase and Extension of Revolving Credit Facility
February 03 2021 - 7:00AM
Builders FirstSource, Inc. (Nasdaq: BLDR) (“Builders FirstSource”),
today announced that it increased the revolving facility
commitments and extended the maturity date under its existing $900
million revolving credit facility (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. Truist Bank will continue to serve as administrative and
collateral agent under the 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.”
About Builders FirstSource
Headquartered in Dallas, Texas, Builders
FirstSource is the largest U.S. supplier of building products,
prefabricated components, and value-added services to the
professional market segment for new residential construction and
repair and remodeling. We provide customers an integrated
homebuilding solution, offering manufacturing, supply, delivery and
installation of a full range of structural and related building
products. We operate in 40 states with approximately 550 locations
and have a market presence in 44 of the top 50 Metropolitan
Statistical Areas, providing geographic diversity and balanced end
market exposure. We service customers from strategically located
distribution and manufacturing facilities (certain of which are
co-located) that produce value-added products such as roof and
floor trusses, wall panels, stairs, vinyl windows, custom millwork
and pre-hung doors. Builders FirstSource also distributes
dimensional lumber and lumber sheet goods, millwork, windows,
interior and exterior doors, and other building products. For more
information about Builders FirstSource, visit our website at
www.bldr.com.
Cautionary Notice
Statements in this news release that are not
purely historical facts or that necessarily depend upon future
events, including statements about expected market share gains,
forecasted financial performance or other statements about
anticipations, beliefs, expectations, hopes, intentions or
strategies for the future, may be forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. Readers are cautioned not to place undue reliance on
forward-looking statements. In addition, oral statements made by
our directors, officers and employees to the investor and analyst
communities, media representatives and others, depending upon their
nature, may also constitute forward-looking statements. As with the
forward-looking statements included in this release, these
forward-looking statements are by nature inherently uncertain, and
actual results may differ materially as a result of many factors.
All forward-looking statements are based upon information available
to Builders FirstSource, Inc. on the date this release was
submitted. Builders FirstSource, Inc. undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. Any
forward-looking statements involve risks and uncertainties that
could cause actual events or results to differ materially from the
events or results described in the forward-looking statements,
including risks or uncertainties related to the recent novel
coronavirus disease 2019 (also known as “COVID-19”) pandemic, the
Company’s growth strategies, including gaining market share, or the
Company’s revenues and operating results being highly dependent on,
among other things, the homebuilding industry, lumber prices and
the economy. Builders FirstSource, Inc. may not succeed in
addressing these and other risks. Further information regarding
factors that could cause our financial and other results to differ
materially from the forward-looking statements we make herein can
be found in the risk factors section of our most recent Annual
Report on Form 10-K filed with the Securities and Exchange
Commission (the “SEC”) and may also be described from time to time
in the other reports the Company files with the SEC. Consequently,
all forward-looking statements in this release are qualified by the
factors, risks and uncertainties contained therein.
Contact:
Michael Neese, SVP of Investor RelationsBinit Sanghvi, VP of
Investor RelationsBuilders FirstSource, Inc.(214) 765-3804
Source: Builders FirstSource, Inc.
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