Cornerstone Building Brands Announces $400 Million Unsecured Senior Notes Offering
September 09 2020 - 8:59AM
Business Wire
Cornerstone Building Brands, Inc. (NYSE: CNR) (the “Company”), today announced the commencement of an
offering of $400.0 million in aggregate principal amount of senior
notes due 2029 (the “Notes”) in a
private offering exempt from registration under the Securities Act
of 1933, as amended (the “Securities
Act”). Each of the Company’s existing and future restricted
domestic subsidiaries that guarantee the Company’s obligations
under its senior credit facilities (the “Guarantors”) will guarantee the Notes on a senior
unsecured basis. There can be no assurance that the proposed
offering of Notes will be completed.
The Company intends to use the net proceeds from the offering to
repay outstanding amounts under its asset-based revolving credit
facility and to pay all fees and expenses related to the foregoing.
The Company intends to use the remaining net proceeds, if any, to
repay outstanding amounts under its cash flow-based revolving
credit facility.
The Notes and the guarantees will be offered and sold only to
persons reasonably believed to be qualified institutional buyers
pursuant to Rule 144A and in offshore transactions to non-U.S.
persons pursuant to Regulation S, each under the Securities
Act.
The Notes and the guarantees have not been registered under the
Securities Act and may not be offered or sold in the United States
absent registration or an applicable exemption from the
registration requirements of the Securities Act and applicable
state laws.
This press release is for informational purposes only and is not
an offer to sell or purchase nor the solicitation of an offer to
sell or purchase securities and shall not constitute an offer,
solicitation or sale in any state or jurisdiction in which, or to
any person to whom such an offer, solicitation or sale would be
unlawful.
Forward-Looking Statements
This press release includes forward-looking statements regarding
the Company’s financing plans, including statements related to the
Company’s offering of the Notes and the intended use of net
proceeds of the offering. Such statements are subject to certain
risks and uncertainties including, without limitation, risks
related to whether the Company will consummate the offering of the
Notes on the expected terms, or at all, market and other general
economic conditions and whether the Company and the Guarantors will
be able to satisfy the conditions required to close any sale of the
Notes. The Company’s forward-looking statements also involve
assumptions that, if they never materialize or prove correct, could
cause its results to differ materially from those expressed or
implied by such forward-looking statements. These and other risks
concerning the Company and its businesses are described in
additional detail in its Annual Report on Form 10-K for the year
ended December 31, 2019, its Quarterly Reports on Form 10-Q for the
three months ended April 4, 2020 and July 4, 2020, and other
filings made by the Company with the Securities and Exchange
Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20200909005649/en/
Investor Relations: Tina Beskid 1-866-419-0042
info@investors.cornerstonebuildingbrands.com
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