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BLDR > SEC Filings for BLDR > Form 8-K on 21-Dec-2012All Recent SEC Filings

Show all filings for BUILDERS FIRSTSOURCE, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for BUILDERS FIRSTSOURCE, INC.


21-Dec-2012

Entry into a Material Definitive Agreement, Creation of a Direct Finan


Item 1.01. Entry into a Material Definitive Agreement

On December 17, 2012, Builders FirstSource, Inc. (the "Company") entered into an amendment (the "Amendment") to (i) the Financing Agreement (the "Term Loan") dated December 2, 2011 among the Company, certain of its subsidiaries as borrowers, certain of its subsidiaries as guarantors, the lenders party thereto, and Highbridge Principal Strategies, LLC as collateral agent (the "Collateral Agent") and administrative agent, and (ii) the Pledge and Security Agreement dated December 2, 2011 in favor of the Collateral Agent.

The Amendment, among other things:

• Increases the aggregate principal amount of the Term Loan by $65 million (the "Additional Loan") to $225 million

• Reduces the minimum cash requirement under the Term Loan from $35 million to $15 million

• Adds a separate $15 million letter of credit commitment (the "LC Subfacility") by SunTrust Bank ("SunTrust") under the Term Loan

• Increases the minimum specified collateral value required under the Term Loan. As amended, the minimum specified collateral value must be at least
(i) $225 million if qualified cash on such date is equal to or greater than $35 million; (ii) $245 million if qualified cash on such date is less than $35 million, but equal to or greater than $25 million; and (iii) $265 million if qualified cash on such date is less than $25 million.

The Additional Loan was issued at 95.5%. The LC Subfacility fees include a commitment fee of 0.5% on any unused amount, an interest rate of 3.0% on any outstanding letters of credit, and a letter of credit fronting fee with respect to each letter of credit of 0.125%.

The Amendment contains other usual and customary representations, warranties, and agreements. The Additional Loan will be subject to the other material terms of the Term Loan, including interest rates, maturity date, and make-whole provisions.

SunTrust provides a separate letter of credit facility to the Company pursuant to the Facility Agreement dated December 2, 2011.

The foregoing summary of the Amendment is qualified in its entirety by the terms and conditions set forth in the Amendment, a copy of which is filed with this Current Report on Form 8-K as Exhibit 10.1. The Amendment is incorporated herein by reference.



Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in its entirety in this Item 2.03.



Item 9.01. Financial Statements and Exhibits

(d) Exhibits

(See Exhibit Index)


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