JELD-WEN Announces Pricing of $250 Million Senior Secured Notes Offering
April 27 2020 - 5:36PM
Business Wire
JELD-WEN Holding, Inc. (“JELD-WEN”) (NYSE: JELD) today announced
that its direct, wholly-owned subsidiary, JELD-WEN, Inc. (the
“Issuer”), has priced its previously announced offering of $250
million of 6.25% senior secured notes due 2025 (the “Notes”) in a
private placement exempt from registration under the Securities Act
of 1933, as amended (the “Securities Act”). Net proceeds from the
offering will be used to repay existing debt under its asset-based
revolving credit facility, and the remainder will be used for
general corporate purposes and to pay related transaction fees and
expenses.
The offering is expected to close on May 4, 2020, subject to
customary closing conditions.
The Notes will be guaranteed by JELD-WEN and each of the
Issuer’s existing and future direct or indirect domestic
subsidiaries (collectively, the “Guarantors”) that guarantees
indebtedness under the Issuer’s term loan agreement (as amended
from time to time, the “Term Loan Credit Agreement”), and the
asset-based revolving credit agreement (as amended from time to
time, the “ABL Credit Agreement”), under which the Issuer and
JELD-WEN of Canada, Ltd. are borrowers, subject to certain
exceptions. The Notes will be secured by a first priority lien on
certain assets of the Issuer and the Guarantors, and by a second
priority lien on certain assets of the Issuer and the Guarantors
that secure the ABL Credit Agreement.
The Notes were offered and will be sold in a private placement
to qualified institutional buyers pursuant to Rule 144A under the
Securities Act, and to certain non-U.S. persons in transactions
outside of the United States in reliance on Regulation S under the
Securities Act. The Notes will not be registered under the
Securities Act or the securities laws of any state or jurisdiction,
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.
This press release shall not constitute an offer to sell or the
solicitation of an offer to purchase the Notes, nor shall there be
any sale of the Notes in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction.
About JELD-WEN
JELD-WEN, founded in 1960, is one of the world’s largest door
and window manufacturers, operating manufacturing facilities in 20
countries located primarily in North America, Europe and Australia.
Headquartered in Charlotte, N.C., JELD-WEN designs, produces and
distributes an extensive range of interior and exterior doors,
wood, vinyl and aluminum windows and related products for use in
the new construction and repair and remodeling of residential homes
and non-residential buildings. JELD-WEN is a recognized leader in
manufacturing energy-efficient products and has been an ENERGY
STAR® Partner since 1998. Our products are marketed globally under
the JELD-WEN® brand, along with several market-leading regional
brands such as Swedoor® and DANA® in Europe and Corinthian®,
Stegbar®, and Trend® in Australia.
Forward-Looking Statements
This press release contains forward-looking statements. All
statements other than statements of historical fact contained in
this press release are forward-looking statements, including all
statements regarding the offering of the Notes. Forward-looking
statements are generally identified by our use of forward-looking
terminology such as “anticipate”, “believe”, “continue”, “could”,
“estimate”, “expect”, “intend”, “may”, “might”, “plan”,
“potential”, “predict”, “seek”, or “should”, or the negative
thereof or other variations thereon or comparable terminology.
Where, in any forward-looking statement, we express an expectation
or belief as to future results or events, such expectation or
belief is based on the current plans, expectations, assumptions,
estimates, and projections of our management. Although we believe
that these statements are based on reasonable expectations,
assumptions, estimates and projections, they are only predictions
and involve known and unknown risks, many of which are beyond our
control, that could cause actual outcomes and results to be
materially different from those indicated in such statements.
Our actual results could differ materially from the results
contemplated by these forward-looking statements due to a number of
factors, including, but not limited to, the factors discussed in
our Annual Report on Form 10-K for the year ended December 31, 2019
filed with the Securities and Exchange Commission.
The forward-looking statements included in this press release
are made as of the date hereof, and except as required by law, we
undertake no obligation to update, amend or clarify any
forward-looking statements to reflect events, new information or
circumstances occurring after the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20200427005870/en/
JELD-WEN Holding, Inc. Christopher Teachout Investor Relations
Manager 704.378.7007 investors@jeldwen.com
JELD-WEN Holding, Inc. Noreen Pratscher Vice President, Global
Corporate Communications 704.526.4146 corporate@jeldwen.com
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