The AZEK® Company Announces Pricing of Public Offering of Class A Common Stock

Rhea-AI Summary

The AZEK Company Inc. (NYSE: AZEK) has announced a public offering of 20,000,000 shares of its Class A common stock at $40.00 per share, offered by certain selling stockholders. The underwriters have a 30-day option to purchase an additional 3,000,000 shares. AZEK will not receive any proceeds from this sale. The offering is expected to close on January 26, 2021, pending customary conditions. Major financial institutions involved include Barclays, BofA Securities, Goldman Sachs, and Jefferies. A registration statement for the offering was declared effective on January 21, 2021.

Positive

• The offering allows selling stockholders to liquidate shares at a favorable price of $40.00.
• The inclusion of a 30-day option for underwriters to purchase additional shares could attract further investment.

Negative

• AZEK will not receive any proceeds from the sale, limiting potential capital infusion.
• The issuance of additional shares may lead to shareholder dilution, negatively impacting existing investors.

The AZEK Company Inc. (NYSE: AZEK) ("AZEK") announced today the pricing of an underwritten public offering of 20,000,000 shares of its Class A common stock to be offered by certain of its selling stockholders, at a price to the public of $40.00 per share. The selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of Class A common stock at the public offering price, less underwriting discounts and commissions. AZEK will not receive any proceeds from the sale of the shares of Class A common stock. The offering is expected to close on January 26, 2021, subject to customary closing conditions.

Barclays, BofA Securities, Goldman Sachs & Co. LLC and Jefferies are acting as joint lead book-running managers for the offering. Citigroup, Credit Suisse, Deutsche Bank Securities and RBC Capital Markets are acting as joint book-running managers, and B. Riley Securities, Baird, Stephens Inc., Stifel, Truist Securities and William Blair are acting as co-managers for the offering.

A registration statement relating to the offering was declared effective by the Securities and Exchange Commission on January 21, 2021. The offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained, when available, from:

• Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at (888) 603-5847 or by email at barclaysprospectus@broadridge.com;
• BofA Securities, NC1-004-03-43; 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department or by email at dg.prospectus_requests@bofa.com;
• Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, by facsimile at (212) 902-9316 or by email at prospectus-ny@ny.email.gs.com; or
• Jefferies, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388 or by email at Prospectus_Department@Jefferies.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities 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 state or jurisdiction.

About The AZEK^® Company

The AZEK® Company Inc. is an industry-leading manufacturer of beautiful, low-maintenance residential and commercial building products, committed to innovation, sustainability and research & development. Headquartered in Chicago, Illinois, the company operates manufacturing facilities in Ohio, Pennsylvania and Minnesota.

Forward Looking Statements

This press release includes “forward looking statements” within the meaning of the federal securities laws. These forward-looking statements, including with respect to the public offering, represent AZEK’s expectations or beliefs concerning future events, and it is possible that the results or events described in this press release will not be achieved. Forward-looking statements involve known and unknown risks, uncertainties and assumptions. AZEK does not undertake any obligation, to update or revise any forward-looking statement made in this press release to reflect changes since the date of this press release, except as required by law.

Source: The AZEK Company Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210121006012/en/

FAQ

What is the stock offering price for AZEK?

The stock offering price for AZEK is $40.00 per share.

How many shares are being offered in the AZEK public offering?

AZEK is offering 20,000,000 shares of its Class A common stock.

When is the AZEK public offering expected to close?

The AZEK public offering is expected to close on January 26, 2021.

Who are the underwriters for the AZEK stock offering?

The underwriters include Barclays, BofA Securities, Goldman Sachs, and Jefferies.

Will AZEK receive any proceeds from the stock offering?

No, AZEK will not receive any proceeds from the sale of the shares.