Trex amended its senior secured credit facility to provide $100 million in capital to the composite decking and outdoor products manufacturer through 2015, the company announced on Thursday.

The amended asset-based lending facility, which Trex acquired through BB&T and Wells Fargo Capital Finance, allows for the maximum principal amount of $100 million and offers more favorable borrowing rates than its former credit facility, the company said. The new loans will reach maturity on Jan. 9, 2015.

The Winchester, Va.-based company's prior credit facility only provided $60 million in capital in the form of revolving loans. On Oct. 28, Trex amended its original facility and reduced the maximum principal amounts of the loans. Prior to that amendment, TD Bank, which was an original lender, assigned all its commitment obligations to BB&T. The agreement for the new facility was reached on Jan. 6.

"I am pleased that we have a credit facility in place that will reduce our overall borrowing costs, give us additional borrowing capacity and provide the capital structure to execute our strategic objectives," said chairman, president, and CEO Ronald Kaplan. "The overhaul of our capital structure was a key objective of our turnaround strategy that began four years ago this month."

During the company's fiscal third quarter (it has yet to report fourth quarter and year-end results) Trex almost broke even with a net loss of $496,000, a large improvement over the $8.8 million deficit reported during third quarter 2010. Net sales at the company also rose by over $7 million to reach $67.9 million during the quarter ended Sept. 30.