New Credit Facility Strengthens Company’s Capital Structure
WINCHESTER, Va.--(BUSINESS WIRE)--Nov. 25, 2014--
Trex Company, Inc. (NYSE:TREX), the world’s largest manufacturer of
wood-alternative decking and railing products, has completed an
amendment to its senior secured credit facility. The amended cash flow
lending facility, obtained through Branch, Banking and Trust Company
(BB&T), Citibank, N.A. and Bank of America, N.A., is a seasonal facility
providing for a maximum principal amount of $150 million from January
through June and $100 million from July through December. With more
favorable borrowing rates and a maturity of November 2019, the new
facility strengthens the Company’s capital structure.
Trex Chairman, President and CEO Ronald W. Kaplan remarked, "Our new
credit facility will reduce our overall borrowing costs, give us
additional borrowing capacity and provide the optimal capital structure
to execute our strategic objectives. We view our financial profile as a
competitive strength. In addition to enabling us to capitalize on
positive debt market conditions, the larger credit facility will allow
us to be more capable and nimble as we pursue strategic opportunities."
About Trex Company
Trex Company is the world’s largest manufacturer of wood-alternative
decking and railing, with more than 20 years of product experience.
Stocked in more than 6,700 retail locations throughout the world, Trex®
outdoor living products offer a wide range of style options with fewer
ongoing maintenance requirements than wood, as well as a truly
environmentally responsible choice. For more information, visit trex.com.
Source: Trex Company, Inc.
Trex Company, Inc.
James Cline, 540-542-6300
SVP & CFO
or
LHA
Harriet
Fried, 212-838-3777