| Item 1.01. | Entry into a Material Definitive Agreement |
On January 29, 2021, Builders FirstSource, Inc. (the “Company”) extended the maturity date and increased the revolving facility commitments under the existing $900.0 million revolving facility (the “Previous Revolving Facility”) with Truist Bank (as successor by merger to SunTrust Bank), as administrative agent and collateral agent, and the lenders and financial institutions party thereto, pursuant to an amendment to the amended and restated ABL credit agreement governing the Previous Revolving Facility (as amended, the “New ABL Credit Agreement”).
The New ABL Credit Agreement provides for revolving credit financings of up to $1,400.0 million (the “New ABL Revolver”), subject to availability under the borrowing base thereunder, with a maturity date of January 29, 2026. Truist Bank continues to serve as administrative agent and collateral agent under the New ABL Credit Agreement.
At the Company’s option, loans under the New ABL Credit Agreement will bear interest based on either the eurodollar rate or base rate (a rate equal to the highest of an agreed benchmark rate commercially available, the federal funds effective rate plus 0.50% and the eurodollar rate plus 1.0%) plus, in each case, an applicable margin. The applicable margin in respect of the loans under the New ABL Revolver will be (x) 2.00%, 1.75% or 1.50% in the case of eurodollar rate loans (based on a measure of availability under the New ABL Revolver) and (y) 1.00%, 0.75% or 0.50% in the case of base rate loans (based on a measure of availability under the New ABL Revolver). In addition, the Company will pay customary commitment fees and letter of credit fees under the agreement governing the New ABL Revolver. The commitment fees will vary based upon a measure of our utilization under the New ABL Revolver.
The New ABL Credit Agreement did not make any other material changes to the material terms of the Previous Revolving Facility.
The foregoing summary of the New ABL Credit Agreement is qualified in its entirety by reference to the actual Amendment No. 3 to Credit Amendment, which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.
| Item 7.01 | Regulation FD Disclosure |
On February 3, 2021, the Company issued a press release to announce that it entered into the amendment to the New ABL Credit Agreement, a copy of which is attached as Exhibit 99.1 hereto.
The information in this Item 7.01 and Exhibit 99.1 attached hereto is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into those filings of the Company that provide for the incorporation of all reports and documents filed by the Company under the Exchange Act.
| Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits.
The following exhibits are filed as part of this Current Report:
