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NCI Building Systems $225 million credit facility via Bank of America and Wachovia
By Sara Rosenberg
New York, July 18 - NCI Building Systems Inc. launched a new $225 million senior secured credit facility on Thursday with Bank of America and Wachovia leading the deal. The loan consists of a $125 million six-year term loan B with an interest rate of Libor plus 275 basis points and a $100 million five-year revolver with an interest rate of Libor plus 250 basis points, a syndicate source said.
Proceeds, combined with proceeds from a $50 million note sale, will be used to refinance existing bank debt. The refinancing is expected to be completed in August, according to a company press release.
The Houston, Texas manufacturer of metal building products is securing the loan with receivables, inventory and equipment.
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