Trex obtains restated $200 million to $250 million seasonal revolver

By Sarah Lizee

Olympia, Wash., Nov. 6 – Trex Co. amended and restated its credit agreement on Tuesday, providing for one or more revolving loans in a collective maximum principal amount of $250 million from Jan. 1 through June 30 of each year and a maximum principal amount of $200 million from July 1 through Dec. 31 of each year.

The facility matures Nov. 5, 2024, according to an 8-K filing with the Securities and Exchange Commission.

BofA Securities, Inc. is the lead arrangers and bookrunner. Bank of America, NA is the administrative agent. Wells Fargo Bank, NA is the syndication agent.

The revolver includes a $15 million sublimit for letters of credit and a $5 million sublimit for swingline loans.

Pricing is Libor plus 85 basis points to 185 bps, and the commitment fee ranges from 10 bps to 25 bps, in each case depending on the consolidated debt to consolidated EBITDA ratio.

Trex is a Winchester, Va.-based maker of wood-alternative decking, railing and fencing products.

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