NEW ENTERPRISE, Pa.--(BUSINESS WIRE)--
New Enterprise Stone & Lime Co., Inc. today announced that it
has refinanced its credit facility with a new revolving credit facility
and new term loans providing up to $175 million of available borrowing
capacity. The new borrowings consist of a Revolving Credit Agreement
with PNC Bank, National Association as administrative agent and Wells
Fargo Bank, National Association as syndication agent, providing for
revolving credit loans and letters of credit in an aggregate principal
amount, of up to $105 million and a Term Loan Credit and Guaranty
Agreement with certain funds managed by KKR Asset Management LLC, as
lenders thereunder, providing for term loans in the aggregate principal
amount of $70 million.
Paul I. Detwiler, III, the Company's President and Chief Executive
Officer, commented on the new credit facility and term loans saying,
"The refinancing is an important milestone for New Enterprise as we
continue to strengthen the Company's financial position. We are
executing on our cost savings and operational efficiency plan which,
together with the improvement in liquidity, we believe should allow us
to increase profitability and benefit from potential growth associated
with Pennsylvania's recent transportation funding bill."
The credit agreements and certain related documents have been included
as exhibits to a Form 8-K that the Company filed with the Securities and
Exchange Commission today.
About New Enterprise Stone & Lime Co., Inc.
New Enterprise Stone & Lime Co., Inc. is a leading privately held,
vertically integrated construction materials supplier and heavy/highway
construction contractor in Pennsylvania and western New York and a
national traffic safety services and equipment provider. Our core
businesses include: (i) construction materials (aggregate production
(crushed stone and construction sand and gravel), hot mix asphalt
production, ready mixed concrete production and concrete products
(precast/prestressed structural concrete components and masonry block
manufacturing)), (ii) heavy/highway construction (heavy construction,
blacktop paving and other site preparation services) and (iii) traffic
safety services and equipment. For more information, please visit the
company’s website at nesl.com.
Statements included herein may constitute “forward looking statements,
“including statements relating to the new credit facility. These
statements are not guarantees of future performance or results and
involve a number of risks and uncertainties. Actual results may differ
materially from those in the forward-looking statements as a result of a
number of factors, including those described from time to time in the
Company’s reports filed with the Securities and Exchange Commission. The
Company undertakes no duty to update any forward looking statements made
At the Company:
New Enterprise Stone & Lime Co., Inc.
I. Detwiler, III
President and Chief Executive Officer
Source: New Enterprise Stone & Lime Co., Inc.