UFPI announces expanded $375 million unsecured credit facility

Monday, November 5, 2018

UFPI announces expanded $375 million unsecured credit facility

GRAND RAPIDS, Mich., November 2, 2018 – Universal Forest Products, Inc. (Nasdaq: UFPI) today announced the Company 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.

“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.”

Terms and Conditions can be found in the Form 8-K filed by Universal Forest Products with the SEC on November 2, 2018.