New Enterprise Stone plans new credit facility for refinancing

By Sara Rosenberg

New York, Oct. 25 - New Enterprise Stone & Lime Co. Inc. is in talks with lenders about refinancing its existing credit facility, according to a 10-Q filed with the Securities and Exchange Commission on Tuesday.

The company is hoping that a new credit facility will provide more financial flexibility as it relates to seasonal working capital needs, capital expenditures, financial covenants, principal payments and interest rates.

It is hoped that the new credit facility will be completed in the fourth quarter.

As of Sept. 30, 2011, the company's total revolver borrowings were about $122.5 million, with an additional $12.5 million in availability, and total borrowings under a $20 million secured credit facility obtained in August were $11 million.

Also, as of Aug. 31, the company had $81.6 million outstanding under a term loan A and $67.7 million outstanding under a term loan B.

New Enterprise Stone is a New Enterprise, Pa.-based construction materials supplier and heavy/highway construction contractor.

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