BOISE, ID - BMC, a 3,700-employee lumber and building products business, says it expanded its total line of credit to up to $125 million with Wells Fargo & Company's (NYSE: WFC) Capital Finance unit. BMC makes and installs doors, millwork and garage doors from its BMC Millwork unit in Idaho. It also builds floor and wall panels and roof trusses.
BMC said the wide credit line lowers interest and adds financial flexibility "to respond to opportunities in the market," with additional funds available as needed to support its general working capital needs and "growth initiatives." BMC says it operates in 16 markets in nine states, eight of them in the top 25 single-family construction markets.
The amendment extends BMC's existing credit facility from $50 million to $75 million and includes a revolving accordion feature that allows BMC to borrow up to an additional $50 million. BMC says it currently has no cash borrowings under an existing facility.
"This expanded credit facility provides BMC with additional financial flexibility on improved economic terms," said Danny McQuary, CFO. "BMC is well positioned to take advantage of opportunities in our market and make strategic investments in our growth strategy."
Over the past 15 months BMC has opened new lumber and building materials distribution centers in Houston and Denver. BMC says it encourages inquiries from wood products vendors, including: lumber and panel products (contact Dan Mandeville); engineered wood products (contact Bill Ware); and doors windows and cabinets (contact Tim Forster).
"BMC has made impressive and tangible progress over the past few years, and we remain committed to supporting the company's future growth," said Guy Fuchs, Exec VP and head ofWells Fargo Capital Finance Corporate Finance Group.
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