Loading, Please Wait...
ST. LOUIS, MO --(Marketwired - March 21, 2016) - Huttig Building Products, Inc. ("Huttig") (NASDAQ: HBP) is a leading domestic distributor of millwork, building materials and wood products, announced today it has entered into an agreement to add both Bank of America, N.A., and JPMorgan Chase Bank, N.A. to its $160 million senior secured credit facility (Credit Facility) along with existing lender Wells Fargo Capital Finance, LLC (Wells Fargo) which recently acquired General Electric Capital Corporation (GECC).
Jon Vrabely, Huttig President and CEO said, "GECC and Wells Fargo have been valued partners of Huttig for many years and I am very appreciative of their support of our organization. As a result of the recent GECC acquisition, Wells Fargo will assume the lead position of our Credit Facility. I am pleased to announce that Bank of America and JPMorgan Chase have agreed to partner with Huttig and Wells Fargo as co-lenders under the terms of our existing Credit Facility. I believe that being partnered with Wells Fargo, Bank of America and JP Morgan Chase enhances our ability to continue to execute our growth strategy in 2016 and beyond."
The Credit Facility has a borrowing capacity of $160 million and an uncommitted $40 million accordion feature, subject to certain conditions. No changes have been made to the actual terms of the Credit Facility, which matures on May 28, 2019, with the same interest rate terms.
Huttig, currently in its 131st year of business, is one of the largest domestic distributors of millwork, building materials and wood products used principally in new residential construction and in-home improvement, remodeling and repair work. Huttig distributes its products through 26 distribution centers serving 41 states. Huttig's wholesale distribution centers sell principally to building materials dealers, national buying groups, home centers and industrial users, including makers of manufactured homes.
For more information, please contact: