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NCI Building details $150 million ABL credit agreement via Wells Fargo
By Tali Rackner
Minneapolis, Feb. 13 – NCI Building Systems, Inc. detailed its new $150 million five-year ABL credit agreement with administrative agent Wells Fargo Bank, NA in an 8-K filed Feb. 12 with the Securities and Exchange Commission.
Initial availability under the facility will be about $140 million. Availability will be reduced by the issuance of letters of credit, as well as any borrowings.
The facility terminates on Feb. 8, 2023 but may be accelerated under certain circumstances. NCI may also request individual lenders to extend the maturity of their commitments, without the consent of other lenders.
Interest is equal to Libor plus 125 basis points to 175 bps, depending on the average daily excess availability percentage. Initially, interest is Libor plus 125 bps.
The commitment fee is 25 bps if the average daily used percentage is 50% or greater, and 35 bps if usage is less than 50%.
NCI Building acted as guarantor on the facility, with subsidiaries NCI Group, Inc. and Robertson-Ceco II Corp. as borrowers.
Wells Fargo and Bank of America, NA are joint lead arrangers and bookrunners.
NCI Building Systems is a Houston-based manufacturer of metal products for the nonresidential construction industry.
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