Lesco Inc. (Nasdaq: LSCO) has completed the restructuring of its debt.
Lesco said the restructuring includes the sale, for US$58 million, of the company's receivables portfolio to GE Business Credit Services; the refinancing of previous bank loan facilities with a new, three-year US$50 million revolving credit facility; the buyout and termination of an interest rate swap agreement for US$1.3 million; and the buyback of Lesco's preferred stock outstanding for US$1.7 million.
Lesco CEO Michael DiMino said the changes have reduced the company's long-term debt significantly and will allow Lesco to self-finance new Service Center openings.
