Universal Forest Products, Inc. (UFPI) has entered into a five-year, $375 million unsecured revolving credit facility with a syndicate of U.S. and Canadian banks led by JPMorgan Chase Bank, N.A., as administrative agent and Wells Fargo Bank, N.A., as syndication agent. The new agreement, which commenced November 1, 2018, replaces the prior $295 million unsecured revolving credit facility agreement with the same agents, as the company says in the press release received by Lesprom Network.
“Our finance team did an excellent job of working with the lenders to expand our credit facility,” said CEO Matt Missad. “We believe it is advantageous to secure additional credit when it isn’t needed. This new arrangement provides us with the flexibility to invest in new products, automation, facilities, technology and targeted acquisitions while still maintaining a very strong balance sheet. It also reflects the confidence our lenders have in our business and the future of the Company.”
Universal Forest Products, Inc. is a holding company that provides capital, management and administrative resources to subsidiaries that supply wood, wood composite and other products to three robust markets: retail, construction and industrial.
