Trex Company, Inc. (NYSE: TREX), the world’s largest manufacturer of wood-alternative decking and railing products, has completed an amendment to its senior secured credit facility. The amended asset-based lending facility, obtained through Branch, Banking and Trust Company (BB&T) and Wells Fargo Capital Finance, LLC, provides for a maximum principal amount of $100 million. With more favorable borrowing rates and a maturity of January 9, 2015, the new facility strengthens the Company’s capital structure.
Trex Chairman, President and CEO Ronald W. Kaplan remarked, "I am pleased that we have a credit facility in place that will reduce our overall borrowing costs, give us additional borrowing capacity and provide the capital structure to execute our strategic objectives. The overhaul of our capital structure was a key objective of our turnaround strategy that began four years ago this month. The achievement of this component of our strategy positions us well for future opportunities."
The statements in this press release regarding the Company's expected future performance and condition constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are subject to risks and uncertainties that could cause the Company's actual operating results to differ materially. Such risks and uncertainties include the extent of market acceptance of the Company's products; the costs associated with the development and launch of new products and the market acceptance of such new products; the sensitivity of the Company's business to general economic conditions; the Company's ability to obtain raw materials at acceptable prices; the Company's ability to maintain product quality and product performance at an acceptable cost; the level of expenses associated with product replacement and consumer relations expenses related to product quality; and the highly competitive markets in which the Company operates. Documents filed with the Securities and Exchange Commission by the Company, including in particular its latest annual report on Form 10-K and quarterly reports on Form 10-Q, discuss some of the important factors that could cause the Company's actual results to differ materially from those expressed or implied in these forward-looking statements. The Company expressly disclaims any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.About Trex Company Trex Company is the world’s largest manufacturer of wood-alternative decking and railing, with more than 20 years of product experience. Stocked in more than 5,500 retail locations throughout the world, Trex ® outdoor living products offer a wide range of style options with fewer ongoing maintenance requirements than wood, as well as a truly environmentally responsible choice. For more information, visit trex.com.