UPDATE 2-Masco posts Q1 loss, amends credit facility

lunes 27 de abril de 2009 23:57 CEST

* Amends 5-year revolving credit facility

* Cuts 8 pct of jobs in Q1

(Adds details about credit facility)

April 27 (Reuters) - Masco Corp (MAS.N: Cotización), a building products maker, posted a first-quarter loss, hurt by lower sales of new home construction products and services, and said it amended its credit facility.

In a filing with the Securities and Exchange Commission, the company said it amended its five-year $2 billion revolving credit facility to reduce it by $750 million.

However, due to the amended terms, Masco said it now has full access to the $1.25 billion in the facility.

Masco also cut about 3,000 jobs, or 8 percent of its workforce, closed two manufacturing facilities and reduced installation branches by 6 locations in the quarter.

Masco, which derives about 40 percent of its sales from new home construction, has been hit as falling home building hurts demand for its products.

Masco posted a first-quarter net loss attributable to the company of $81.0 million, or 23 cents a share, compared with a profit of $2.0 million, or breakeven a share, a year earlier.   Continuación...