Texas Industries, Inc. is a leading supplier of cement, aggregate, ready-mix and consumer product building materials. The Company operates facilities in five states, principally Texas, California and Oklahoma, with smaller operations in Arkansas and Louisiana.
With the continuing downturn in the economy, Texas Industries thought it would be best to convert the existing credit facility to a fully monitored ABL structure. Bank of America Business Capital structured a revolving asset-based facility to provide flexibility with financial covenants for the Company to continue to improve its financial performance and maintain its market share in a challenging economic environment.
The $200 million asset-based loan was used to refinance an existing credit facility. Bank of America also is providing Texas Industries with letters of credit and treasury management products and services.
