Quanex Building Products Announces Amended and Restated Credit Facility
July 06 2022 - 4:15PM
Quanex Building Products Corporation (NYSE:NX) (“Quanex” or
the “Company”) today announced that it has entered into a second
amended and restated credit facility (the “Amended Credit
Facility”).
The Amended Credit Facility extends the maturity
date of the existing $325 million revolver by five years to July
2027. Borrowings under the Amended Credit Facility will bear
a tiered interest rate based on Quanex’s consolidated net leverage
ratio. At the time of closing, existing borrowings
transitioned to the Amended Credit Facility totaled approximately
$58 million.
Scott Zuehlke, Senior Vice President - Chief
Financial Officer and Treasurer, commented, “The Amended Credit
Facility extends the maturity date on our outstanding debt by five
years and grants us the flexibility necessary to continue to fund
and grow our business. Our balance sheet is strong, and we
are well positioned to execute on our plan with a focus on creating
further value for shareholders. We are also thankful for our
longstanding banking relationships and appreciate the support.”
Wells Fargo Securities, LLC, and BofA
Securities, Inc. served as the Joint Lead Arrangers and Joint
Bookrunners for the Amended Credit Facility 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
SVP, Chief Financial Officer & Treasurer
713-877-5327
scott.zuehlke@quanex.com
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