Building Materials unable to comply with loan covenants, in talks for waiver/amendment

By Sara Rosenberg

New York, July 29 - Building Materials Holding Corp. was not in compliance with the minimum net worth and minimum EBITDA covenants under its credit facility for the quarter ended June 30, according to a news release.

The company has been discussing with its lenders a temporary waiver of these covenants, in order to preserve access to liquidity, and an amendment to better reflect current market conditions.

As of July 28, there was $29 million outstanding on the revolver and $340 million outstanding on the term loan.

Building Materials is a San Francisco-based provider of building materials and construction services to professional residential builders and contractors.

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