Gibraltar obtains new $300 million revolver with reduced pricing

By Wendy Van Sickle

Columbus, Ohio, Dec. 10 – Gibraltar Industries, Inc. closed on a new, upsized $300 million five-year revolving credit facility with reduced pricing, according to a Thursday press release.

Gibraltar has the option to increase the facility by up to an additional $200 million, subject to conditions.

The facility replaces a $200 million secured asset-based revolving credit agreement due to mature in October 2016.

The new agreement has an initial interest rate of Libor plus 175 basis points, a reduction of 50 bps from the rate of the previous facility.

KeyBanc Capital Markets Inc. and J.P. Morgan Securities LLC acted as joint lead arrangers. Bank of America, NA, M&T Bank, Citizens Bank, NA and PNC Bank NA served as co-documentation agents.

Proceeds of the new revolver will be used for general corporate purposes, including funding future acquisitions.

The facility is due to mature in December 2020.

“This new facility will be instrumental for Gibraltar as we continue to drive our four-pillar transformational change strategy, achieve our key financial objectives, and work to increase shareholder returns,” Gibraltar treasurer Timothy Murphy said in the press release.

Gibraltar makes building products and is based in Buffalo, NY.

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