Yesterday, 84 Lumber Co. locked in a little protection against the tumultuous credit and housing markets with two five-year financing packages worth a total of close to $590 million.

The long-term deals arranged by Sun Trust Bank and Wachovia Bank should help the Washington County professional building supply company avoid going back to lenders until the economy starts to settle down. "It gives us stability in a very difficult credit market," said Dan Wallach, chief financial officer.

Like many of its peers, 84 Lumber has been hit hard by a slowdown in home construction. After the industry bulked up to respond to demand in places such as Florida and Arizona, the subprime mortgage crisis cut into sales. The private company reported sales fell more than 20 percent last year although it continued to turn a profit.

Company officials were pleased with the financing deals because they do not include covenants based on maintaining earning levels and, at five years, they extend further than the typical line of credit. "It allows us to get through the housing slump," said Mr. Wallach.

The search for financing was helped by the company's policy of owning real estate. 84 Lumber owns about 85 percent of its more than 380 locations, giving it about $650 million in real estate holdings. In addition, the company claims about $500 million in inventory and receivables.

Based on those assets, banks were willing to approve a $195 million term loan and a $390 million line of credit.

For those in the building supply market, keeping cash flowing has been a challenge. Building Materials Holding Corp., of San Francisco, last month suspended its dividend and worked out new terms with lenders before reporting a multimillion-dollar loss for 2007. Builders FirstSource Inc., of Dallas, worked out a new $350 million revolving credit facility as it reported a net loss for 2007.

The plan of 84 Lumber is to use the time offered by the financial packages to position itself for the next upturn. Since January alone, it has closed more than 50 stores. Jobs have been trimmed at corporate headquarters over the past several months.

"Our plan is to emerge from the housing slump debt free by eliminating unprofitable stores, reducing slow moving inventory, increasing vendor terms, reducing overhead and improving our accounts receivable aging while focusing on increasing market share in our core markets nationwide," said President Maggie Hardy Magerko, in a prepared statement.

Mr. Wallach declined comment on whether more store closings might be considered. He confirmed 84 Lumber has been negotiating with vendors to allow the company more time to pay. In addition, the company has been trying to address the issue of clients paying late.

Similar steps have been reportedly taken by other large building suppliers. "We're all going through the same thing," he said.