Tuesday, November 30, 2010 9:18:52 AM
Revolving Credit Facility
Builders FirstSource Amends 2007 Senior Secured Revolving Credit Facility
DALLAS, Nov. 30, 2010 (GLOBE NEWSWIRE) -- Builders FirstSource, Inc.
(Nasdaq:BLDR), a leading supplier and manufacturer of structural and related
building products for residential new construction in the United States,
announced today it has amended its 2007 senior secured revolving credit
facility (the "Facility"). The amendment was requested by the company in order
to increase its borrowing availability and reduce the commitment fees paid
under the Facility.
Commenting on the transaction, Builders FirstSource Senior Vice President and
Chief Financial Officer Chad Crow said, "We could not be more pleased with this
amendment and the willingness of our bank group, led by Wells Fargo Bank, to
partner with us in getting this done. This amendment provides us with up to
$25.0 million of additional borrowing availability by reducing our minimum
liquidity requirement, and also reduces the maximum borrowing capacity under
the Facility from $250.0 million to $150.0 million, lowering our annual
interest expense related to commitment fees by approximately $0.4 million. This
is a significant improvement to our overall liquidity and should not limit our
future borrowing capacity as we do not anticipate our borrowing base will
support borrowings in excess of $150.0 million prior to the expiration of the
Facility in December 2012."
The Facility has certain restrictive covenants including a fixed charge
coverage ratio of 1:1 that, prior to the amendment, was triggered if our excess
availability, as determined under the borrowing base formula, fell below a
minimum liquidity requirement of $35.0 million. Under the terms of the
amendment, the minimum liquidity requirement was reduced and will now be
determined on a sliding scale based on our average gross availability, as
outlined in the table below:
Ninety Day Average Minimum Liquidity
Gross Availability Requirement
Greater than $130.0
million $18.75 million
Less than or equal to
$130.0 million and greater
than
$80.0 million $16.25 million
Less than or equal to
$80.0 million $10.0 million
Floyd Sherman, Builders FirstSource Chief Executive Officer, added , "I don't
believe this amendment would have been possible if not for the sacrifices made
by all Builders FirstSource employees and their willingness to do whatever it
takes to manage through this housing downturn. Our ability to adapt to the
pressures placed on us by the sluggish homebuilding industry helped make this
amendment possible. While I am very appreciative of our bank group, I am just
as appreciative of our employees for putting us in a position to make this
happen."
About Builders FirstSource
Headquartered in Dallas, Texas, Builders FirstSource is a leading supplier
and manufacturer of structural and related building products for residential
new construction. The company operates in 9 states, principally in the southern
and eastern United States, and has 53 distribution centers and 47 manufacturing
facilities, many of which are located on the same premises as our distribution
facilities. Manufacturing facilities include plants that manufacture roof and
floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork
and pre-hung doors. Builders FirstSource also distributes windows, interior and
exterior doors, dimensional lumber and lumber sheet goods, millwork and other
building products. For more information about Builders FirstSource, visit the
company's website at www.bldr.com.
Cautionary Notice
Statements in this news release and the schedules hereto which are not purely
historical facts or which necessarily depend upon future events, including
statements about future liquidity or other statements about anticipations,
beliefs, expectations, hopes, intentions or strategies for the future, may be
forward-looking statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. Readers are cautioned not to place undue
reliance on forward-looking statements. All forward-looking statements are
based upon information available to Builders FirstSource, Inc. on the date this
release was submitted. Builders FirstSource, Inc. undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise. Any forward-looking statements
involve risks and uncertainties that could cause actual events or results to
differ materially from the events or results described in the forward-looking
statements. Builders FirstSource, Inc. may not succeed in addressing these
risks. Further information regarding factors that could affect our financial
and other results can be found in the risk factors section of Builders
FirstSource, Inc.'s most recent annual report on Form 10-K filed with the
Securities and Exchange Commission. Consequently, all forward-looking
statements in this release are qualified by the factors, risks and
uncertainties contained therein.
CONTACT: Builders FirstSource, Inc.
M. Chad Crow, Senior Vice President
and Chief Financial Officer
(214) 880-3585
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(END) Dow Jones Newswires
11-30-10 0915ET
09:15 113010
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