TopBuild Commences Senior Notes Offering

Rhea-AI Summary

TopBuild Corp. (NYSE:BLD) has announced a private offering of $400 million in senior unsecured notes due 2029. The proceeds will be used to redeem existing 5.625% senior unsecured notes maturing in 2026. The offering is subject to market conditions, and there is no guarantee it will be completed. The notes will not be registered under the Securities Act, making them unavailable for sale in the U.S. without an exemption. The company, based in Daytona Beach, is a major player in the U.S. insulation and building materials market.

Positive

• Commencing a $400 million private offering of senior unsecured notes could strengthen balance sheet.
• Intended use of proceeds to refinance existing debt may lower interest costs and enhance financial flexibility.

Negative

• The offering is subject to market conditions, which may lead to uncertainty regarding completion.
• Notes not registered under the Securities Act may limit investor accessibility.

DAYTONA BEACH, Fla., Feb. 24, 2021 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), a leading installer and distributor of insulation and building material products in the United States, is commencing a private offering of $400 million aggregate principal amount of senior unsecured notes due 2029. The Company intends to use the net proceeds from the offering, together with cash on hand, to redeem its existing $400 million 5.625% senior unsecured notes maturing in 2026. The notes offering is subject to market and other conditions, and there is no assurance that the offering will be completed or, if completed, as to the terms on which it will be completed.

The notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration requirements. This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About TopBuild
TopBuild Corp., a Fortune 1000 Company headquartered in Daytona Beach, Florida, is a leading installer and distributor of insulation and building material products to the U.S. construction industry. We provide insulation and building material services nationwide through TruTeam^®, which has close to 200 branches, and through Service Partners^® which distributes insulation and building material products from over 75 branches. We leverage our national footprint to gain economies of scale while capitalizing on our local market presence to forge strong relationships with our customers.

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, the Company’s expected financial and operational results and the related assumptions underlying its expected results. These forward-looking statements are distinguished by the use of words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, the Company’s actual results may differ materially from the results discussed in its forward-looking statements. The Company’s forward-looking statements contained herein speak only as of the date of this press release. Factors or events the Company cannot predict, including those described in the risk factors contained in its filings with the Securities and Exchange Commission, may cause the Company’s actual results to differ from those expressed in forward-looking statements. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be achieved, and the Company undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events or otherwise.

Investor Relations and Media Contact
Tabitha Zane
tabitha.zane@topbuild.com
386-763-8801

FAQ

What is TopBuild Corp. planning with the $400 million senior unsecured notes offering?

TopBuild Corp. is planning to use the $400 million proceeds from the offering to redeem existing 5.625% senior unsecured notes maturing in 2026.

When are the senior unsecured notes due for TopBuild Corp.?

The senior unsecured notes being offered by TopBuild Corp. are due in 2029.

What are the potential risks associated with TopBuild Corp.'s notes offering?

The offering is subject to market conditions, which introduces uncertainty regarding its completion and terms.

How will TopBuild Corp. benefit from redeeming existing senior unsecured notes?

Redeeming existing senior unsecured notes may lower TopBuild Corp.'s interest costs and improve financial flexibility.

What is the stock symbol for TopBuild Corp.?

The stock symbol for TopBuild Corp. is BLD.