BlueLinx Announces Amendment to Credit Agreement to Increase Facility to $447.5 Million
ATLANTA, June 28, 2013 (GLOBE NEWSWIRE) -- BlueLinx Holdings Inc. (NYSE:BXC), a leading distributor of building products in North America, today announced that it has entered into an amendment to its U.S. revolving credit agreement that increases the amount of its credit facility to $447.5 million from $422.5 million.
Under terms of the agreement, PNC Bank, N.A. joins the syndicate of existing lenders and will provide a loan commitment in the amount of $25.0 million, utilizing $25.0 million of the Company's $100.0 million uncommitted accordion credit facility. All other material terms of the credit agreement remain substantially the same.
The existing lenders are: Wells Fargo Bank, N.A., Administrative and Collateral Agent; Regions Bank; Bank of America, N.A.; JP Morgan Chase, N.A.; and TD Bank, N.A.
"We welcome our new lender and are appreciative of the ongoing support of our existing lenders," said Doug Goforth, BlueLinx' chief financial officer and treasurer. "Given this support, BlueLinx can continue with its focus on strengthening our business."
Further details concerning the amendment are contained in the Company's Current Report on Form 8-K, which has been filed with the Securities and Exchange Commission.
About BlueLinx Holdings Inc.
Headquartered in Atlanta, Georgia, BlueLinx Holdings Inc., operating through its wholly owned subsidiary BlueLinx Corporation, is a leading distributor of building products in North America. Employing approximately 1,900 people, BlueLinx offers greater than 10,000 products from over 750 suppliers to service approximately 11,500 customers nationwide, including dealers, industrial manufacturers, manufactured housing producers and home improvement retailers. The Company operates its distribution business from sales centers in Atlanta and Denver, and its current network of 55 distribution centers. BlueLinx is traded on the New York Stock Exchange under the symbol BXC. Additional information about BlueLinx can be found on its Web site at www.BlueLinxCo.com.
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to our ability to return to profitability and our outlook on the housing industry. All of these forward-looking statements are based on estimates and assumptions made by our management that, although believed by BlueLinx to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of BlueLinx' control that may cause its business, strategy or actual results to differ materially from the forward-looking statements. These risks and uncertainties may include, among other things: changes in the supply and/or demand for products that it distributes, especially as a result of conditions in the residential housing market; general economic and business conditions in the United States; the activities of competitors; changes in significant operating expenses; changes in the availability of capital, including the availability of residential mortgages; the ability to identify acquisition opportunities and effectively and cost-efficiently integrate acquisitions; adverse weather patterns or conditions; acts of war or terrorist activities; variations in the performance of the financial markets; and other factors described in the "Risk Factors" section in the Company's Annual Report on Form 10-K for the year ended December 29, 2012 and in its periodic reports filed with the Securities and Exchange Commission from time to time. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. BlueLinx undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, changes in expectation or otherwise, except as required by law.
CONTACT: Doug Goforth, CFO & Treasurer
BlueLinx Holdings Inc.
Maryon Davis, Director Finance & IR