Gibraltar Industries Announces New $400 Million Credit Facility
January 25 2019 - 8:30AM
Business Wire
Capacity increases to $400 million from $300
million under prior facility
Provides additional flexibility regarding
acquisitions and capital allocation
Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading
manufacturer and distributor of building products for the
residential, industrial, infrastructure, and renewable energy and
conservation markets, announced today that it has closed on a new
$400 million five-year revolving credit facility. The new facility
replaces a $300 million secured revolving credit agreement due to
mature in December 2020. Gibraltar also has the option to increase
the size of the facility by up to an additional $300 million,
subject to certain conditions.
In addition to the $100 million increase in capacity, the new
agreement reduces costs and relaxes certain restrictions related to
acquisitions and capital distributions, thereby providing enhanced
flexibility for capital allocation. The new facility will be used
for general corporate purposes, including funding future
acquisitions, and is due to mature in January 2024.
KeyBanc Capital Markets Inc., Bank of America, N.A., and
Citizens Bank, N.A. acted as Joint Lead Arrangers for the new
facility, with Branch Banking and Trust Company, BMO Harris Bank
N.A., M&T Bank and PNC Bank, National Association serving as
Co-Documentation Agents. Two additional lenders participated.
“Thanks to an extraordinary group of banks that have supported
our growth strategy for many years, we successfully increased the
capacity, reduced the cost and extended the terms of our revolving
credit agreement,” said Treasurer Jeffrey Watorek. “At the same
time, we now have enhanced flexibility to execute on our
four-pillar transformational change strategy, achieve our key
financial objectives, and strive to increase shareholder
returns.”
About GibraltarGibraltar Industries is a leading
manufacturer and distributor of building products for the
residential, industrial, infrastructure, and renewable energy and
conservation markets. With a four-pillar strategy focused on
operational improvement, product innovation, portfolio management
and acquisitions, Gibraltar’s mission is to drive best-in-class
performance. Gibraltar serves customers primarily throughout North
America and to a lesser extent Asia. Comprehensive information
about Gibraltar can be found on its website at
www.gibraltar1.com.
Safe Harbor StatementInformation contained in this news
release, other than historical information, contains
forward-looking statements and is subject to a number of risk
factors, uncertainties, and assumptions. Risk factors that could
affect these statements include, but are not limited to, the
following: the availability of raw materials and the effects of
changing raw material prices on the Company’s results of
operations; energy prices and usage; changing demand for the
Company’s products and services; changes in the liquidity of the
capital and credit markets; risks associated with the integration
and performance of acquisitions; and changes in interest and tax
rates. In addition, such forward-looking statements could also be
affected by general industry and market conditions, as well as
macroeconomic factors including government monetary and trade
policies, such as tariffs and expiration of tax credits along with
currency fluctuations and general political conditions. Other risks
and uncertainties that arise from time to time are described in
Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K.
The Company undertakes no obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by applicable law or
regulation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190125005185/en/
Timothy MurphyChief Financial Officer716-826-6500 ext.
3277tfmurphy@gibraltar1.com
Gibraltar Industries (NASDAQ:ROCK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gibraltar Industries (NASDAQ:ROCK)
Historical Stock Chart
From Apr 2023 to Apr 2024