BMC Stock Holdings increased its senior secured credit agreement, which includes a revolving line of credit, from $375 million to $425 million. The provider of lumber and building materials and solutions also extended the maturity of its credit agreement from December 1, 2020, to May 31, 2024.
“We are pleased to unlock additional liquidity to fund strategic growth opportunities through the increased commitments under this facility,” said Jim Major, executive vice president, CFO, and treasurer of BMC, in a prepared statement. “With this enhanced availability, extended maturity and our low leverage, we are even better positioned to execute on our strategic priorities, which include investments in value-added products and services, manufacturing automation and acquisitions. We appreciate the support of our bank group in expanding our available sources of financing.”
The credit agreement is led by Wells Fargo Capital Finance. Other participating banks include Bank of America N.A., Goldman Sachs Bank USA, Royal Bank of Canada, and SunTrust Bank.
BMC posted a net income of $20.4 million for the first quarter of 2019, a 32.5% increase year over year from the first quarter in 2018. The Raleigh, N.C.-based dealer ranked 5th on the 2019 edition of the ProSales 100.
