ProBuild Holdings secured a $505 million revolving credit facility with Wells Fargo Capital Finance LLC, according to an announcement today by McDermott Will & Emery LLP, which represented the Denver-based dealer in negotiations.
"We are pleased to have facilitated this successful refinancing for our long-time client," David Goldman, the lead deal attorney and head of the firm's Corporate Advisory Practice Group, said in a statement. "Our team worked across several different disciplines, practice groups and geographies to ensure the success of this complex transaction. We knew this refinancing was important to the execution of ProBuild's long-term strategic growth plan, and feel gratified to have secured this result for our client."
When asked for further comments, a spokesman for the law firm referred ProSales to ProBuild, whose spokespeople were unavailable to comment on or verify the news release.
The announcement comes two weeks after ProBuild CEO Robert Marchbank sent a memo to employees outlining a realignment and change of leadership and support staff.
“As part of the annual operating plan process, we are prioritizing and reducing the number of business initiatives for 2012,” he said.
Among the biggest changes as part of the realignment, all senior vice presidents of operations will report directly to Marchbank and all senior vice presidents are now a part of ProBuild’s executive leadership team.
ProBuild has long been tight-lipped in regards to its finances. The last time a story was written on its finances was back in 2009 when Reuters reported that the company spent $345 million in the middle of the year to cover losses. The report stated that a further $105 million during the final months of 2009 might have been needed to buttress the company.