Apogee Enterprises Announces Amendment and Extension of Credit Facility
Apogee Enterprises Inc., parent company of Tubelite, Linetec and Wausau, completed the amendment and extension of its senior unsecured credit facility. The agreement increases the company’s unsecured revolving credit facility to $385 million and provides for an uncommitted accordion feature allowing for an additional $200 million of borrowing capacity. The company will repay its current $150 million senior unsecured term loan using proceeds from the increased revolving facility. The new amended credit facility will mature in 2027.
“This amended credit facility provides Apogee with lower borrowing costs, an extended maturity, and increased flexibility as we execute our strategy in the coming years,” says Ty R. Silberhorn, chief executive officer. “We’d like to thank our lenders for their continued confidence in Apogee and our strategic direction.”
Wells Fargo Bank, National Association acted as Administrative Agent and U.S. Bank National Association acted as Syndication Agent. BMO Harris Bank, N.A., Truist Bank and Comerica Bank are also lenders.
Additional details on the amended credit agreement can be found in the Company’s Form 8-K to be filed with the U.S. Securities and Exchange Commission.