Lawson Products expands borrowing capacity
Lawson Products has entered into a new credit agreement increasing its maximum borrowing capacity from $40 million to $100 million.
The new agreement also includes an accordion feature, subject to certain criteria as well as obtaining additional commitments from its lenders that would provide meaningful additional borrowing capacity. The five-year agreement provides for increased capacity for future acquisitions, combines multiple existing credit facilities and lowers borrowing spreads and unused commitment fees.
"We are extremely pleased to expand our bank group to include JPMorgan Chase and Bank of America and continue our long-term relationship with CIBC Bank USA, which allows us to access additional capital," said Ron Knutson, executive vice president and chief financial officer. “Our ability to significantly increase our access to capital and partner with these world-class financial institutions further demonstrates the financial strength of the company. With this added financial flexibility, we plan to continue the strategic growth of our business, both through acquisitions, as well as investments in our operations to further drive organic growth.”
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
