HOUSTON, Jan. 19, 2018 /PRNewswire/ -- NCI Building
Systems, Inc. (NYSE: NCS) ("NCI" or the "Company") today announced
that it has delivered a conditional notice of redemption (the
"Notice") to the trustee of the outstanding 8.25% senior notes due
2023 (the "Notes") issued by the Company. The Notice calls for the
redemption of the $250 million
aggregate principal amount of the Notes and is conditioned on the
completion by the Company of refinancing transactions, which are
expected to include a new first lien term loan facility and a new
ABL facility, which together will refinance the Notes, the
Company's existing term loan facility and the Company's existing
ABL Facility (collectively, the "Refinancing Transactions"). The
redemption price for the Notes is 106.188% of the principal amount
redeemed, which amount is equal to $1,061.88 per $1,000.00 principal amount, plus accrued and
unpaid interest to the redemption date, in accordance with the
provisions of the indenture governing the Notes.
There can be no assurance that the Refinancing Transactions will
be completed as contemplated or at all. In the event the
Refinancing Transactions are not completed as contemplated, the
Notes will not be redeemed and the Company will continue to comply
with the indenture governing the Notes.
Additional information concerning the terms and conditions of
the redemption are fully described in the Notice distributed to
holders of the Notes. Beneficial holders with any questions about
the redemption should contact their respective brokerage firm or
financial institution.
This press release is for informational purposes only and shall
not constitute an offer to purchase the Notes or any other
securities.
Forward Looking Statements
This press release forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. The words
"believe," "anticipate," "plan," "intend," "foresee," "guidance,"
"potential," "expect," "should," "will" "continue," "could,"
"estimate," "forecast," "goal," "may," "objective," "predict,"
"projection," or similar expressions are intended to identify
forward-looking statements in this press release. These
forward-looking statements reflect the Company's current
expectations and/or beliefs concerning future events, including the
Refinancing Transactions. The forward-looking statements in this
press release are subject to a number of risks and uncertainties
that may cause the Company's actual performance to differ
materially from that projected in such statements. Among the
factors that could cause actual results to differ materially
include, but are not limited to, our ability to refinance our
existing debt, including the 8.25% senior notes due 2023; industry
cyclicality and seasonality and adverse weather conditions;
challenging economic conditions affecting the nonresidential
construction industry; volatility in the U.S. economy and abroad,
generally, and in the credit markets; substantial indebtedness and
our ability to incur substantially more indebtedness; our ability
to comply with the financial tests and covenants in our existing
and future debt obligations; operational limitations or
restrictions in connection with our debt; increases in interest
rates; recognition of asset impairment charges; commodity price
increases and/or limited availability of raw materials, including
steel; costs related to maintenance or replacement of our ERP
system; our ability to make strategic acquisitions accretive to
earnings; retention and replacement of key personnel; our ability
to carry out our restructuring plans and to fully realize the
expected cost savings; enforcement and obsolescence of intellectual
property rights; fluctuations in customer demand; costs related to
environmental clean-ups and liabilities; competitive activity and
pricing pressure; increases in energy prices; volatility of the
Company's stock price; dilutive effect on the Company's common
stockholders of potential future sales of the Company's common
stock held by our sponsor; substantial governance and other rights
held by our sponsor; breaches of our information system security
measures and damage to our major information management systems;
hazards that may cause personal injury or property damage, thereby
subjecting us to liabilities and possible losses, which may not be
covered by insurance; changes in laws or regulations, including the
Dodd–Frank Act; the timing and amount of our stock repurchases; and
costs and other effects of legal and administrative proceedings,
settlements, investigations, claims and other matters. See also the
"Risk Factors" in the Company's Annual Report on Form 10-K for the
fiscal year ended October 29, 2017,
which identifies other important factors, though not necessarily
all such factors, that could cause future outcomes to differ
materially from those set forth in the forward-looking statements.
The Company expressly disclaims any obligation to release publicly
any updates or revisions to these forward-looking statements,
whether as a result of new information, future events, or
otherwise.
About NCI Building Systems
NCI Building Systems, Inc. is one of North America's largest integrated
manufacturers and marketers of metal products for the
nonresidential construction industry. NCI is comprised of a family
of companies operating manufacturing facilities located in
the United States, Mexico, Canada and China, with additional sales and distribution
offices throughout the United
States and Canada.
Contact:
K. Darcey Matthews
Vice President, Investor Relations
281-897-7785
View original
content:http://www.prnewswire.com/news-releases/nci-building-systems-announces-redemption-notice-for-senior-notes-conditioned-upon-refinancing-300585028.html
SOURCE NCI Building Systems, Inc.