NEW ENTERPRISE, Pa.--(BUSINESS WIRE)--New Enterprise Stone & Lime Co., Inc. (the “Company”) has completed the refinancing of its Asset Based Loan. The refinancing extends the maturity of the ABL, reduces the borrowing margins by up to 1%, provides for greater advance rates and contains a seasonal overdraft feature. These changes should provide the Company with additional liquidity and financial flexibility to operate the business.
Paul I. Detwiler, III, President and CEO of the Company stated that “We are delighted the Company has completed the refinancing of the ABL on more favorable terms. This refinancing shows that the progress we have made with the execution of our strategic plan continues to produce results. We appreciate PNC’s continued support for the Company in the completion of this important initiative.”
About New Enterprise Stone & Lime Co., Inc.
New Enterprise Stone & Lime Co., Inc. is a leading privately held, vertically integrated construction materials supplier and heavy/highway construction contractor in Pennsylvania and western New York and a national traffic safety services and equipment provider. Our core businesses include: (i) construction materials (aggregate production (crushed stone and construction sand and gravel), hot mix asphalt production and ready mixed concrete production), (ii) heavy/highway construction (heavy construction, blacktop paving and other site preparation services) and (iii) traffic safety services and equipment.