Hardwoods Distribution Inc. (HDI) has received a commitment letter from its existing lender Bank of America, N.A. for a new senior secured credit facility of up to $525 million. The new credit facility will replace the existing credit facility for HDI’s Canadian subsidiary and the existing facility for HDI’s U.S. subsidiary.
The new credit facility is expected to consist of a revolving credit facility of $225 million which can be drawn upon in U.S. dollars and Canadian dollars, a term loan of up to $225 million, and a term loan of up to $75 million.
HDI is currently one of North America’s largest distributors of non-structural architectural grade building products to the residential, repair and remodel, and commercial construction industries.
