EIGHTY FOUR, Pa. – 84 Lumber, one of the nation's biggest privately-held building materials suppliers, announced today it has entered into a new 7-year $310 million Senior Secured Term Loan B Facility and 5-year $400 million Asset-Based Revolving Credit Facility.
 
The proceeds will be used to refinance the $307.5 million outstanding Term Loan B and $400 million ABL Revolver. In addition to extending the maturities, the Term Loan B reduced pricing by 100 basis points to LIBOR plus 425 basis points. As a result of the refinancing, the company now has no debt maturities prior to 2024.
 
Since the company’s initial term loan facility in 2016, 84 Lumber has executed on its strategy and significantly outperformed the market, the company writes in a press release.
 
"84 Lumber’s financial performance and modest leverage position the company to execute on its expansion plans for the future," states the release. "Under the leadership of Maggie Hardy Knox, the company will focus on increasing productivity through information technology systems and processes. 84 Lumber believes this capital structure will continue to provide management with the operational flexibility to grow while also taking advantage of the housing market."
 
“I’m immensely proud of the performance of our company over the last three years,” said Maggie Hardy Knox, president of 84 Lumber.  "Our capital structure will continue to provide us the flexibility to opportunistically expand and build on our current and future successes. We have the right people and the necessary resources in place to take our company to the next level."
 
 “We continuously evaluate opportunistic transactions that not only lower our interest expense, but strengthen our balance sheet and improve cash flows. The new term loan facility will reduce our future annual cash interest by approximately $3 million, as well as extend our debt maturity profile,” continued Hardy Knox. 
 
84 Lumber’s sales rose to $3.86 billion in 2018, posting another year-over-year increase and extending a steady upward trend over the last 5 years. The company’s revenues were $2.86 billion and $3.3 billion in 2016 and 2017, respectively. 
 
With nearly 250 locations and 5,600 associates nationwide, 84 Lumber says it's on pace to surpass revenue records in the coming years. 
 
Founded in 1956 and headquartered in Eighty Four, Pennsylvania, 84 Lumber Company a privately held supplier of building materials, manufactured components and services for single- and multi-family residences and commercial buildings. The company operates approximately 250 stores, component manufacturing plants, custom door shops, custom millwork shops and engineered wood product centers in more than 30 states. 
 
 

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