UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01. Entry into a Material Definitive Agreement
On May 20, 2025, Builders FirstSource, Inc. (the “Company”) replaced its existing revolving commitments of $1,800.0 million (the “Previous Revolving Facility”) with new revolving commitments of $2,200.0 million (the “New Revolving Facility”), extended the maturity date of the New Revolving Facility and made certain other amendments to the New Revolving Facility, with Bank of America, N.A. (“Bank of America”), as administrative agent and collateral agent, and the lenders and financial institutions party thereto, pursuant to an amendment to the amended and restated ABL credit agreement governing the Previous Revolving Facility (as amended, the “New ABL Credit Agreement”).
The New ABL Credit Agreement provides for, subject to availability under the borrowing base thereunder, revolving credit financings under the New Revolving Facility of up to $2,200.0 million with a maturity date of May 20, 2030. Bank of America, as successor to Truist Bank (as successor by merger to SunTrust Bank), now serves as administrative agent and collateral agent under the New ABL Credit Agreement.
At the Company’s option, loans under the New Revolving Facility will bear interest based on either the secured overnight financing rate or base rate (a rate equal to the highest of Bank of America’s prime rate, the federal funds effective rate plus 0.50% and the secured overnight financing rate plus 1.00%) plus, in each case, an applicable margin. The applicable margin will be (x) 1.00% or 1.25% per annum in the case of secured overnight financing rate loans (based on a measure of availability under the New Revolving Facility) and (y) 0.00% or 0.25% per annum in the case of base rate loans (based on a measure of availability under the New Revolving Facility). In addition, the Company will pay customary commitment fees and letter of credit fees under the agreement governing the New Revolving Facility that are consistent with the Previous Revolving Facility. Letter of credit fees under the New Revolving Facility are assessed at a rate between 1.00% and 1.25% per annum (based on a measure of availability under the New Revolving Facility). The commitment fee rate will continue to be equal to 0.20% per annum. The New ABL Credit Agreement includes certain other changes to the borrowing base, financial calculations, thresholds and caps contained throughout and reporting requirements.
The foregoing summary of the New ABL Credit Agreement is qualified in its entirety by reference to the actual Amendment No. 8 to Credit Amendment, which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.
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 under Item 1.01 above is incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
The following exhibits are included as part of this Current Report:
| Exhibit Number |
Description | |
| 10.1 | Amendment No. 8 to Credit Agreement, dated as of May 20, 2025, by and among the Company, Bank of America, N.A., as administrative agent and collateral agent, and the lenders party thereto. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BUILDERS FIRSTSOURCE, INC. | ||
| (Registrant) | ||
| By: | /s/ Timothy D. Johnson | |
| Name: | Timothy D. Johnson | |
| Title: | Executive Vice President, General Counsel and Corporate Secretary | |
Date: May 22, 2025