LP Building draws on revolving credit facility to boost liquidity

By Sarah Lizee

Olympia, Wash., March 31 – LP Building Solutions drew on its revolving credit facility to maximize liquidity, according to a press release.

The amount drawn was not disclosed.

“Liquidity will be key to weathering this uncertain economy,” chief financial officer Alan Haughie said in the release.

“We have a strong balance sheet. We have taken steps to maximize liquidity by drawing on our revolving credit line early, cutting capital spending, and minimizing working capital through inventory reduction and reduced production.”

As of Friday, the company had global cash balance in excess of $480 million, a net-debt-to-book-capital ratio of 18% and no debt maturities before 2024.

“With our strong balance sheet and liquidity position, the company is well-positioned to manage through a variety of down-side scenarios, including substantially lower revenue throughout 2020 and beyond,” Haughie added.

LP Building manufactures uniquely engineered, innovative building products. It is based in Nashville.

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