Gibraltar Industries calls $210 million 6¼% notes due 2021 on Feb. 1

By Susanna Moon

Chicago, Dec. 20 – Gibraltar Industries, Inc. said it will redeem its $210 million of 6¼% senior subordinated notes due Feb. 1, 2021.

The notes will be redeemed on Feb. 1 using cash on hand, according to a company announcement.

Gibraltar said it expects annualized savings of $13 million in interest payments from the repayment.

In addition, the company is negotiating an amendment of its revolving credit facility to increase the credit available and to provide additional flexibility for borrowings under the facility, which it expects to close in January.

There are no amounts outstanding under the revolver.

“Our strong balance sheet and cash flow enables us to complete the early repayment of our 6¼% notes and generate significant annual savings,” president and chief executive officer Frank Heard said in the press release.

“With the repayment of our notes and the amendment to our credit facility, we will maintain access to capital to continue pursuing strategic acquisitions in target markets while securing significant cash interest savings.”

Gibraltar makes building products and is based in Buffalo, N.Y.

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