Building materials supplier 84 Lumber has entered a new 7-year $310 million senior secured term B loan and a 5-year $400 million asset-based revolving credit facility.
The proceeds will be used to refinance its $307.5 million term loan and $400 million credit revolver, according to a news release. As a result of the refinancing, the dealer has no debt maturities prior to 2024. 84 Lumber said it has “significantly outperformed the market” since its initial term loan facility in 2016.
The Eighty Four, Pa.-based company said its past financial performance will enable future expansion. The dealer plans to focus on increasing productivity through information technology and processes.
“I’m immensely proud of the performance of our company over the last three years. Our capital structure will continue to provide us the flexibility to opportunistically expand and build on our current and future successes. We have the right people and the necessary resources in place to take our company to the next level,” Maggie Hardy Knox, president of 84 Lumber, said in the same news release.
84 Lumber ranked 4th on the 2019 ProSales 100, generating $3.86 billion in sales during 2018. The company operates approximately 250 stores, component manufacturing plants, custom door shops, custom millwork shops, and engineered wood product centers in more than 30 states.
