Trex Company Announces Refinancing of Revolving Credit Facility
November 06 2009 - 4:10PM
Business Wire
Trex Company, Inc. (NYSE: TWP), the nation’s leading
manufacturer and distributor of wood alternative decking, railing,
fencing and trim, today announced that it has successfully
refinanced its revolving credit facility.
President and CEO Ron Kaplan commented, “The refinancing – which
follows our redemption in September 2009 of the $25 million
principal outstanding on our Variable Rate Demand Environmental
Improvement Revenue Bonds – completes our initiative to consolidate
our senior debt. We have structured the new facility to provide
additional flexibility and liquidity as well as ample working
capital. It provides management with the right capital structure to
continue focusing on running the business.”
The new $85 million facility matures on December 31, 2011 and
can be extended to December 31, 2012 if certain conditions are met.
The facility is provided by BB&T Capital Markets and TD Bank,
N.A.
There has been no borrowing on the new line. As part of the
refinancing process, the company paid off its existing real estate
loans with BB&T Company in the amount of approximately $5
million with available cash.
About Trex Company
Trex Company is the nation’s largest manufacturer of composite
decking, railing, fencing and trim, with over 15 years of product
experience. Built on “green” principles and values, Trex makes its
products from a unique formulation of reclaimed wood and plastic,
combined through a proprietary process. Trex decking, railing,
fencing and trim offer significant design flexibility with fewer
ongoing maintenance requirements than wood, as well as a truly
environmentally responsible choice. In addition, Trex distributes
ultra-low maintenance PVC decking under the trademark Trex Escapes®
and PVC trim under the trademark TrexTrim™. For more information,
visit the Company’s website, www.trex.com. Trex®, Trex Escapes® and
TrexTrim™ are trademarks of Trex Company, Inc., Winchester, Va.
The statements in this press release regarding the Company's
expected future performance and condition and its business strategy
constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements are subject to
risks and uncertainties that could cause the Company's actual
operating results to differ materially. Such risks and
uncertainties include the extent of market acceptance of the
Company's products; the sensitivity of the Company's business to
general economic conditions; the Company's ability to obtain raw
materials at acceptable prices; the Company's ability to maintain
product quality and product performance at an acceptable cost; the
level of expenses associated with product replacement and consumer
relations expenses related to product quality; and the highly
competitive markets in which the Company operates. The Company's
report on Form 10-K filed with the Securities and Exchange
Commission on March 12, 2009 and its subsequent reports on Form
10-Q filed on May 8, 2009 and August 10, 2009 discuss some of the
important factors that could cause the Company's actual results to
differ materially from those expressed or implied in these
forward-looking statements. The Company expressly disclaims any
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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