Apogee Enterprises: USD 100 million revolving credit facility

Apogee Enterprises, Inc. has closed on a new USD 100 million unsecured, revolving credit facility, the company said on 4 May 2005. Borrowings under the five-year, committed facility will be available …

Apogee Enterprises, Inc. has closed on a new USD 100 million unsecured, revolving credit facility, the company said on 4 May 2005. Borrowings under the five-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 USD 125 million unsecured, revolving credit facility, which was terminated upon closing of the new facility. “Since closing our previous credit facility in April 2002, we have reduced our outstanding debt by more than USD 24 million, while improving our debt-to-total-capital ratio to 17%. The much improved terms and conditions associated with our new, unsecured facility are indicative of this significantly improved financial condition,” said William F. Marchido, Apogee chief financial officer. “The reduction of our credit facility from the previous USD 125 million to the current USD 100 million illustrates our confidence in our growth strategies, while at the same time controlling working capital. We have also negotiated an uncommitted expansion feature on our credit facility of USD 75 million, which will give us flexibility as we further develop our growth strategies.”