Masonite Successfully Completes Expanded $250 Million Asset Based Credit Facility
TAMPA, Fla.--(BUSINESS WIRE)--Feb 1, 2019--Masonite International Corporation (“Masonite” or “the Company”) (NYSE: DOOR) announced today it entered into an Amended and Restated $250 million asset-based revolving credit facility (the “Revolving ABL Facility”), which is secured by the Company’s inventory and accounts receivable in the United States, United Kingdom (UK) and Canada. The Company increased the size of the committed facility to $250 million from $150 million, added the UK and extended the maturity date of the Revolving ABL Facility to January 31, 2024 from its prior maturity date of April 9, 2020. As of January 31, 2019, there were no amounts outstanding under the Revolving ABL Facility.
“We are pleased with the completion of our expanded credit facility which provides us with improved terms and further enhances our liquidity,” said Joanne Freiberger, Vice President and Treasurer of Masonite.
A total of eight lenders are participating in the Revolving ABL Facility, including Wells Fargo Bank N.A. as the Administrative Agent and Bank of America, N.A as the Syndication Agent. Wells Fargo Bank N.A.; Bank of America, N.A; RBC Capital Markets, LLC and HSBC Bank N.A. are serving as Joint-Lead Arrangers and Joint Bookrunners. RBC Capital Markets, LLC; HSBC Bank N.A.; JPMorgan Chase Bank, N.A.; TD Bank; PNC Bank, National Association and Regions Bank are serving as Documentation Agents.
“Wells Fargo is very pleased to work with a great management team and an industry leader such as Masonite,” said Rob Griffin, Managing Director, Wells Fargo Capital Finance. “Our goal is to provide our customers with the financial flexibility and industry knowledge to support their long-term strategy and growth.”
Masonite International Corporation is a leading global designer and manufacturer of interior and exterior doors for the residential new construction; the residential repair, renovation and remodeling; and the non-residential building construction markets. Since 1925, Masonite has provided its customers with innovative products and superior service at compelling values. Masonite currently serves approximately 9,000 customers in 64 countries.
This press release contains forward-looking information and other forward-looking statements within the meaning of applicable Canadian and/or U.S. securities laws, including our discussion of, and the effects of, our restructuring and strategic initiatives. When used in this press release, such forward-looking statements may be identified by the use of such words as “may,” “might,” “could,” “will,” “would,” “should,” “expect,” “believes,” “outlook,” “predict,” “forecast,” “objective,” “remain,” “anticipate,” “estimate,” “potential,” “continue,” “plan,” “project,” “targeting,” or the negative of these terms or other similar terminology. Forward-looking statements involve significant known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Masonite, or industry results, to be materially different from any future plans, goals, targets, objectives, results, performance or achievements expressed or implied by such forward-looking statements. As a result, such forward-looking statements should not be read as guarantees of future performance or results, should not be unduly relied upon, and will not necessarily be accurate indications of whether or not such results will be achieved. Factors that could cause actual results to differ materially from the results discussed in the forward-looking statements include, but are not limited to, downward trends in our end markets and in economic conditions; reduced levels of residential new construction; residential repair, renovation and remodeling; and non-residential building construction activity due to increases in mortgage rates, changes in mortgage interest deductions and related tax changes and reduced availability of financing; competition; the continued success of, and our ability to maintain relationships with, certain key customers in light of customer concentration and consolidation; new tariffs and evolving trade policy between the United States and other countries, including China; increases in prices of raw materials and fuel; increases in labor costs, the availability of labor, or labor relations (i.e., disruptions, strikes or work stoppages); our ability to manage our operations including anticipating demand for our products, managing disruptions in our operations, managing manufacturing realignments, managing customer credit risk and successful integration of acquisitions; the continuous operation of our information technology and enterprise resource planning systems and management of potential cyber security threats and attacks; our ability to generate sufficient cash flows to fund our capital expenditure requirements, to meet our pension obligations, and to meet our debt service obligations, including our obligations under our senior notes and our ABL Facility; political, economic and other risks that arise from operating a multinational business; the United Kingdom’s formal trigger of the two-year process for its exit from the European Union, and related negotiations; fluctuating exchange and interest rates; our ability to innovate and keep pace with technological developments; product liability claims and product recalls; retention of key management personnel; environmental and other government regulations, including the FCPA, and any changes in such regulations; and limitations on operating our business as a result of covenant restrictions under our existing and future indebtedness, including our senior notes and our ABL Facility.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190201005105/en/
CONTACT: Joanne Freiberger, CPA, CTP, IRC
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Farand Pawlak, CPA
DIR. INVESTOR RELATIONS
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KEYWORD: UNITED STATES NORTH AMERICA FLORIDA
INDUSTRY KEYWORD: BUILDING SYSTEMS MANUFACTURING OTHER MANUFACTURING ARCHITECTURE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Masonite International Corporation
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PUB: 02/01/2019 06:45 AM/DISC: 02/01/2019 06:45 AM