MINNEAPOLIS--(BUSINESS WIRE)--Apogee Enterprises, Inc. (Nasdaq:APOG) today announced that it has amended and extended its secured revolving credit facility to support the company’s strategic growth plans with an expanded facility at better terms. The facility has been extended five years to October 2017 and expanded to $100 million, from $80 million. It replaces the previous secured revolving credit facility that was set to expire in January 2014.
“The expanded credit facility, along with Apogee’s strong balance sheet and expectations of improving free cash flow position us to invest in growing domestically and internationally. We plan to invest in new capabilities and new capacities, as well as to fund acquisitions,” said James S. Porter, Apogee chief financial officer. “In addition, with Apogee’s improving financial performance and the current attractive financial markets, we were able to refinance our revolving credit facility at better terms. We are pleased with the ongoing support we have received from our lenders.”
Wells Fargo Bank, National Association serves as administrative agent, swingline lender and issuing lender of the new facility, while Comerica Bank is documentation agent and issuing lender. Additional lenders under the new facility are BMO Harris Bank N.A. and US Bank, National Association.
About Apogee
Apogee Enterprises, Inc., headquartered in
Minneapolis, is a leader in technologies involving the design and
development of value-added glass products and services. The company is
organized in two segments:
- Architectural products and services companies design, engineer, fabricate, install and renovate the walls of glass and windows comprising the outside skin of commercial and institutional buildings.
- Large-scale optical segment consists of a value-added glass and acrylic manufacturer for the custom framing market.
Forward-looking statements
The discussion above contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements reflect
Apogee management’s expectations or beliefs as of the date of this
release. The company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. All forward-looking statements
are qualified by factors that may affect the operating results of the
company, including the following: operational risks within (A) the
architectural segment: i) competitive, price-sensitive and changing
market conditions, including unforeseen project delays and
cancellations; ii) economic conditions, material cost increases and the
cyclical nature of the North American and Latin American commercial
construction industries; iii) product performance, reliability,
execution or quality problems that could delay payments, increase costs,
impact orders or lead to litigation; and iv) the segment’s ability to
fully and efficiently utilize production capacity; and (B) the
large-scale optical segment: i) markets that are impacted by consumer
confidence and trends; ii) dependence on a relatively small number of
customers; iii) changing market conditions, including unfavorable shift
in product mix and new competition; and iv) ability to fully and
efficiently utilize production capacity. Additional factors include: i)
revenue and operating results that are volatile; ii) financial market
disruption which could impact company, customer and supplier credit
availability; iii) self-insurance risk related to a material product
liability event and to health insurance programs; iv) cost of compliance
with governmental regulations relating to hazardous substances; and v)
foreign currency risk related to certain continuing operations. The
company cautions investors that actual future results could differ
materially from those described in the forward-looking statements, and
that other factors may in the future prove to be important in affecting
the company’s results of operations. New factors emerge from time to
time and it is not possible for management to predict all such factors,
nor can it assess the impact of each such factor on the business or the
extent to which any factor, or a combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements. For a more detailed explanation of the
foregoing and other risks and uncertainties, see Item 1A of the
company’s Annual Report on Form 10-K for the fiscal year ended March 3,
2012.