BMC Increases Loan Commitment with Wells Fargo Capital Finance to $110 Million
BOISE, Idaho, Feb. 27, 2013 /PRNewswire/ -- BMC, one of the nation's leading providers of building materials and construction services, today announced that it has expanded its revolving line of credit to $110 million with Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC). The expanded facility will provide the company greater financial flexibility to take advantage of opportunities in the market, with additional funds available as needed to support its growth. The amendment extends BMC's existing credit facility from $75 million to $110 million and includes a revolving accordion feature that allows BMC to borrow up to an additional $15 million.
"This expanded credit facility provides BMC the financial flexibility to execute on our key initiatives and remain competitive in the marketplace," said Danny McQuary, chief financial officer of BMC. "We appreciate Wells Fargo Capital Finance's continued support as we continue to position BMC for long-term growth and profitability. We believe that BMC is well positioned to capitalize on emerging industry trends, and we are committed to delivering the products and services that our customers want and need."
"We have worked with BMC for more than three years and are pleased to recommit and expand our ongoing relationship," said Guy Fuchs, executive vice president and head of the Corporate Finance Group of Wells Fargo Capital Finance. "We respect BMC for its many recent accomplishments and believe the company is taking the right steps to expand its businesses and distinguish itself as an industry competitor."
BMC operates in 16 markets in nine states, eight of which are in the top 25 single family construction markets, and has approximately 4600 employees.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, provided to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
BMC, headquartered in Boise, Idaho, is a best-in-class provider of diversified building materials, trusses and components, doors and millwork, and targeted construction and installation services. With a centralized internal structure and dedicated teams with a broad spectrum of experience within the supply chain, the company covers markets with multiple locations throughout the nation, ultimately providing value to its customers. HCN (formerly Home Channel News) named BMC as its Pro Dealer of the Year for 2012.
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