Apogee Enterprises Announces Amendment and Extension of Credit Facility

Rhea-AI Summary

Apogee Enterprises, Inc. (NASDAQ: APOG) has completed an amendment and extension of its senior unsecured credit facility, increasing it to $385 million. The new agreement includes an uncommitted accordion feature for an additional $200 million borrowing capacity and will mature in 2027. Apogee will use this facility to repay its $150 million senior unsecured term loan. CEO Ty R. Silberhorn stated the revised credit facility offers lower borrowing costs and greater flexibility to support the company's strategic direction.

Positive

• Increased unsecured revolving credit facility to $385 million.
• Uncommitted accordion feature allows for an additional $200 million in borrowing capacity.
• Lower borrowing costs and extended maturity until 2027.

Negative

• None.

MINNEAPOLIS--(BUSINESS WIRE)-- Apogee Enterprises, Inc. (Nasdaq: APOG) announced today that it has completed the amendment and extension of its senior unsecured credit facility. The agreement increases the company’s unsecured revolving credit facility to $385 million and provides for an uncommitted accordion feature allowing for an additional $200 million of borrowing capacity. The company will repay its current $150 million senior unsecured term loan using proceeds from the increased revolving facility. The new amended credit facility will mature in 2027.

“This amended credit facility provides Apogee with lower borrowing costs, an extended maturity, and increased flexibility as we execute our strategy in the coming years,” said Ty R. Silberhorn, Chief Executive Officer. “We’d like to thank our lenders for their continued confidence in Apogee and our strategic direction.”

Wells Fargo Bank, National Association acted as Administrative Agent and U.S. Bank National Association acted as Syndication Agent. BMO Harris Bank, N.A., Truist Bank and Comerica Bank are also lenders.

Additional details on the amended credit agreement can be found in the Company’s Form 8-K to be filed with the U.S. Securities and Exchange Commission.

About Apogee Enterprises, Inc.

Apogee Enterprises, Inc. (Nasdaq: APOG) is a leading provider of architectural products and services for enclosing buildings, and glazing products for framing art. Headquartered in Minneapolis, MN, our portfolio of industry-leading products and services includes high-performance architectural glass, windows, curtainwall, storefront and entrance systems, integrated project management and installation services, as well as value-added glass and acrylic for custom picture framing and displays. For more information, visit www.apog.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220805005476/en/

Jeff Huebschen

Vice President, Investor Relations & Communications

952.487.7538

ir@apog.com

Source: Apogee Enterprises, Inc.

FAQ

What is the recent credit facility update for Apogee Enterprises (APOG)?

Apogee Enterprises has amended and extended its senior unsecured credit facility to $385 million, with an additional $200 million accordion feature.

When does Apogee's new credit facility mature?

The new credit facility for Apogee Enterprises will mature in 2027.

How much of its term loan will Apogee repay with the new credit facility?

Apogee will repay its $150 million senior unsecured term loan using the proceeds from the increased revolving facility.

What benefits does Apogee expect from the amended credit facility?

The amended credit facility provides lower borrowing costs and increased flexibility for Apogee as it executes its strategy.