Apogee Enterprises closes on revolving credit facility

Apogee Enterprises, Inc. announced on 25 April that it closed on a new US$ 125 million unsecured, revolving credit facility. Borrowings under the four-year, committed facility will be available for wo…

Apogee Enterprises, Inc. announced on 25 April that it closed on a new US$ 125 million unsecured, revolving credit facility. Borrowings under the four-year, committed facility will be available for working capital requirements and general corporate purposes, including capital expenditures and to replace borrowings under Apogee“s previously existing US$ 125 million secured, revolving credit facility, which was terminated upon closing of the new facility. “In less than three years, we have reduced our outstanding debt by more than US$ 126 million, while improving our debt-to-total-capital ratio to 29%. The much improved terms and conditions associated with our new, unsecured facility are indicative of this significantly improved financial condition,” said Michael B. Clauer, Apogee executive vice president and chief financial officer. The Bank of New York serves as administrative agent of the new facility, with US Bank National Association, Harris Trust and Savings Bank and JPMorgan Chase Bank serving as co-syndication and co-documentation agents. BNY Capital Markets, Inc. served as sole lead arranger of the new facility. Additional lenders under the new facility include Comerica Bank, Wells Fargo Bank and National City Bank. Apogee Enterprises, Inc. headquartered in Minneapolis, is a world leader in technologies involving the design and development of value-added glass products, services and systems.