AmeriTex, a supplier of concrete storm drain products for utility and highway contractors, closed its new $155 million credit facility with Bank of America to combine with its $530 million in senior notes raised with BofA Securities on Oct 5, 2023. The financing will support the company as it continues its growth in products and other capabilities to serve its Texas contractor customers.

“We build lasting relationships that endure through economic and industry cycles, making us a reliable and trusted customer, supplier and financial partner. With TxDOT recently announcing another record year of projects, Texas County property receipts growing to record levels from rising home values, and the move of about a dozen Fortune 500 headquarters and thousands of other companies to Texas in the last handful of years, AmeriTex understands that it needs to continue to grow to meet its customers’ needs,” Kevin Thompson, founder, chairman and CEO of AmeriTex, said. “We listen carefully and work tirelessly to meet the needs of our contractor friends, as our recent investment in corrugated pipe indicates. AmeriTex will always work hard to meet our contractor friends’ growing needs.”

“I’m excited to be completing the final step in our precast facilities with the installation of our exclusive Schlusselbauer Magic system for our risers and cones to complement our exclusive Perfect System and AmeriTex Couplings (patent pending),” Rocky Lorenz, AmeriTex’s president of AmeriTex, said. “We believe that our 700,000 tons of precast capacity far exceeds our combined Texas competitors and, as importantly, the monolithic bases, bends and wyes are stronger and more precise than anything ever produced in Texas. We’ve taken the next step to enhance the sustainability of Texas’ infrastructure. Lastly, our recent investment in corrugated pipe will align nicely with our specialized precast products to allow our customers to complete a job in record time.”

“BofA and our other long-term financing partners understand Kevin’s and Rocky’s commitment to its customers to meet their growing needs,” Tom Murphy, a founding director of AmeriTex, said. “We all enjoy watching the precision with which the team builds and operates these massive, unique facilities. We endeavor to remain steps ahead of any liquidity requirements that we anticipate from the many requests of our customers. At the closing last Friday, we had cash on our balance sheet, a new undrawn revolving credit facility of $155 million from BofA, and sufficient availability under our $80 million lease limit. We have more than enough liquidity to provide the value our customers deserve to meet Texas’ growing infrastructure needs.”