BMC has secured an amendment to its senior secured credit facility with Wells Fargo Capital Finance LLC--an arm of its principal owner--that boosts BMC's borrowing ability and lowers rates and fees, the Boise, Idaho-based building materials dealer and construction services provider announced Dec. 16.
The amendment represents a significant milestone in the continued improvements in the company's financial and operational performance in 2010 by increasing the company's effective borrowing capacity to the full $50 million amount of the facility," BMC's announcement said. "BMC has had no cash borrowings under the facility since it was put in place on Jan. 4 and anticipates none in the coming year."
The statement also quoted chief executive officer Peter Alexander as forecasting that the amended terms "will provide the company increased flexibility to make investments to profitably grow its business despite continued challenging market conditions."
The company was known as BMC Select earlier this year, when it emerged from Chapter 11 as a reorganized company out of the remains of what had been Building Materials Holding Corp. (BMHC).
BMHC had been a public company, but after being reorganized as BMC Select it became a private company owned by its creditors, principally Wellls Fargo.