Universal Borrows to Buy

Reuters reports  Universal Forest Products, Inc. (UFPI:NASDAQ) is borrowing $75 million from Prudential Investment Management, Inc. to reduce debt associated with the recent purchase of Wash.-based Nepa Pallet and Container Corp. and acquire Custom Caseworks, Inc. of Sauk Center, Minn. The $35 million notes are unsecured ten-year at 3.89 percent interest; the $40 million 12-year unsecured notes have an interest rate of 3.98 percent. Custom Caseworks manufactures commercial casework and store fixtures, as well as office furniture and laminated panels. The company, with nearly $7 million in sales, recently expanded its facility to accommodate growth. The transaction is expected to be finalized before Dec. 31, 2012. As MHProNews knows, Universal manufactures structural lumber products for the manufactured housing industry.

(Photo credit: UFPI)

mas kovach mhpronews shopping with soheyla .jp

Get our ‘read-hot’ industry-leading 

get our ‘read-hot’ industry-leading emailed headline news updates

Scroll to Top