Apogee Enterprises Inc. has amended its credit agreement to extend the maturity date of its unsecured $150 million term loan facility from April 5, 2021 to June 25, 2024, which is the same maturity date as the company’s unsecured $235 million revolving credit facility. The company currently has no outstanding borrowings on its revolving credit facility. Under the terms of the amendment, the company expects to reduce its annual interest expense by approximately $0.5 million, driven by a 75-basis point reduction in the term loan facility’s LIBOR-floor.

“Completing this extension continues our efforts to strengthen Apogee’s financial position and optimize our capital structure,” says Nisheet Gupta, executive vice president and chief financial officer. “Together with our strong cash flow and unused capacity on our revolving credit facilities, the term loan extension provides significant financial flexibility to manage our business and drive long-term shareholder value. This also reflects our commitment to an efficient capital structure, including a modest level of debt, which lowers our overall cost of capital. We want to thank our banking partners for their continued support, and we believe this agreement demonstrates their confidence in Apogee and our strategy.”

Additional details of the amendment to the credit agreement can be found in the Company’s 8-K filing, which was filed with the U.S. Securities and Exchange Commission.