84 Lumber announced today that it closed on two new loan packages that will be used to refinance an existing sale-leaseback agreement on 109 properties, repay an existing credit facility, and position the dealer “to reinvest in the business and pursue targeted, organize growth.”
One of the packages is a new $350 million Senior Secured Term Loan B. The other is a new $350 million Asset-Based Revolving Credit Facility. The two mature on Oct. 25, 2023, and Oct. 25, 2021, respectively.
“Through this refinancing, we are able to capitalize on growing customer demand by deliberately investing in and enhancing our product and service capabilities,” Maggie Hardy Magerko, 84 Lumber’s president and owner, said in a press release.
Wells Fargo Securities LLC was the lead arranger and bookrunner. PNC Capital Markets LLC served as a joint lead arranger and joint bookrunner.
84 was in dire financial shape during the housing crash, but has recovered to the point where it has announced plans for major expansion in Westerns states. (See stories.)
