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Gibraltar Announces New $400 Million Credit Facility
Maintains flexibility to support strategic initiatives BUFFALO, N.Y.--(BUSINESS WIRE)-- Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and
About this update from Gibraltar Industries, Inc.
[{"type":"text","content":"\nMaintains flexibility to support strategic initiatives\n\n BUFFALO, N.Y.--(BUSINESS WIRE)--\nGibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, announced today that it has closed on a $400 million five-year revolving credit facility. The new facility replaces a revolving credit agreement maturing in January 2024. Gibraltar also has the option to increase the size of the facility by up to an additional $300 million, subject to certain conditions. The new facility is due to mature in December 2027.\n\nThe facility generally maintains the key terms under the expiring credit facility including the same level of capacity, which will provide ample liquidity to fund M&A opportunities to strengthen Gibraltar’s portfolio, maintain its share buyback program and to use for general corporate purposes.\n\nKeyBanc Capital Markets Inc., Bank of America, N.A., M&T Bank and PNC Bank, National Association acted as Joint Lead Arrangers for the new facility, with Comerica Bank, TD Bank, N.A., and Wells Fargo, National Association serving as Co-Documentation Agents. Two additional lenders participated.\n\n“We wanted to renew our facility ahead of its 2024 expiration and both thank our bank group and welcome new lenders who are supporting our positioning as a manufacturer reshaping critical markets in North America,” said Treasurer Jeffrey Watorek. “We maintain the financial flexibility and resilience needed to execute on our three-pillar strategy to accelerate execution and scale in each of our business segments.”\n\nAbout Gibraltar\n\nGibraltar is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech, and infrastructure markets. Gibraltar’s mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living, sustainable power, and productive growing throughout North America. For more please visit www.gibraltar1.com.\n\nForward-Looking Statements\n\nCertain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Refor...