Trex Company (TWP) Announces Refinancing of Revolving Credit Facility
Trex Company, Inc. (NYSE: TWP) has successfully refinanced its revolving credit facility. The new $85 million facility matures on December 31, 2011 and can be extended to December 31, 2012 if certain conditions are met. The facility is provided by BB&T Capital Markets and TD Bank, N.A.
President and CEO Ron Kaplan commented, "The refinancing - which follows our redemption in September 2009 of the $25 million principal outstanding on our Variable Rate Demand Environmental Improvement Revenue Bonds - completes our initiative to consolidate our senior debt. We have structured the new facility to provide additional flexibility and liquidity as well as ample working capital. It provides management with the right capital structure to continue focusing on running the business."
There has been no borrowing on the new line. As part of the refinancing process, the company paid off its existing real estate loans with BB&T Company in the amount of approximately $5 million with available cash.
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