Builders FirstSource (BFS) increased the revolving credit facility commitments and extended the maturity date under its existing $900 million revolving credit facility.
The dealer increased the total commitment to $1.4 billion from $900 million and extended the maturity date by 26 months to January 2026. According to BFS, the credit facility will be available for working capital needs, general corporate purposes, and growth initiatives. The company said there are currently no borrowings outstanding on the credit facility.
In a separate transaction, Moody’s Investors Service upgrade BFS’s Corporate Family Rating two notches to Ba2 from B1 on February 1.
“The increase and extension of this facility provides us with an improved capital base that better represents our larger reach and scale following the recent completion of our merger with BMC Stock Holdings,” Peter Jackson, CFO of BFS, said in a prepared statement. “In addition, the recent double-notch upgrade to our credit rating from Moody’s further highlights the enhanced strength of our cash generation and balance sheet following our combination with BMC.”
In January, BFS and BMC Stock Holdings completed their all-stock merger transaction first announced in August 2020. Dallas-based BFS operates in 40 states with approximately 550 locations and has a market presence in 44 of the top 50 metropolitan statistical areas.
