Quanex Building Products Announces Amended and Restated Credit Facility
October 18 2018 - 4:15PM
Quanex Building Products Corporation (NYSE: NX) (“Quanex” or the
“Company”) today announced that it has entered into a new senior
secured amended and restated credit facility (the “New Facility”)
due 2023, comprising a $325 million revolver.
The New Facility replaces the Company’s existing
$150 million Term Loan A and $300 million revolving credit
facilities. Borrowings under the New Facility will bear a
tiered interest rate based on Quanex’s consolidated leverage
ratio. At the time of closing, borrowings under the New
Facility totaled approximately $205 million.
Brent Korb, Senior Vice President of Finance and
Chief Financial Officer, commented, “The New Facility extends the
maturity date on our outstanding debt by more than two years, is
less restrictive and gives us more flexibility with respect to
returning capital to shareholders. In addition, the new
pricing grid is more favorable by 25 basis points across all tiers
and is a testament to the progress we have made toward improving
our leverage profile over the past two years.”
Wells Fargo Securities, LLC, and Merrill Lynch,
Pierce, Fenner & Smith Incorporated served as the Joint Lead
Arrangers and Joint Bookrunners for the New Senior Credit
Facilities with Wells Fargo Bank, National Association serving as
Administrative Agent.
About Quanex
Quanex Building Products Corporation is an
industry-leading manufacturer of components sold to Original
Equipment Manufacturers (OEMs) in the building products
industry. Quanex designs and produces energy-efficient
fenestration products in addition to kitchen and bath cabinet
components.
Scott Zuehlke
VP, Investor Relations & Treasurer
713-877-5327
scott.zuehlke@quanex.com
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