Hayward Industries Announces Successful Pricing and Allocation of New Senior Secured Term Loan Facility
Hayward Holdings, Inc. (NYSE: HAYW) announced it secured a $1 billion senior secured term loan facility through its subsidiary, Hayward Industries, Inc. Proceeds will refinance existing loans, enhance cash reserves, and pay related fees. This refinancing is expected to reduce interest expense by $7-$10 million annually and extend maturity to 2028. The facility has a 0.50% original issue discount and a floating interest rate starting at LIBOR plus 2.75%. CFO Eifion Jones highlighted the enhanced financial flexibility for future growth.
- Secured $1 billion senior secured term loan facility.
- Expected interest expense reduction of $7-$10 million annually.
- Maturity of the term loan extended to 2028, providing long-term financial stability.
- None.
Hayward Holdings, Inc. (NYSE: HAYW), a global designer, manufacturer and marketer of broad portfolio of pool equipment and associated automation systems, announced today that its indirect, wholly owned subsidiary Hayward Industries, Inc. (the “Company”) has successfully secured commitments for a senior secured term loan facility (“New Term Loan Facility”) in an aggregate principal amount of
The New Term Loan Facility will be issued with an original issue discount of
“We are pleased with the outcome of this refinancing as it significantly improves our capital structure and reduces the cost of our debt,” commented Eifion Jones, Hayward’s Chief Financial Officer. “With the completion of this refinancing we will have significantly increased our financial flexibility going forward, enhancing our position to continue to accelerate growth and service the marketplace.”
The closing of the New Term Loan Facility is expected to occur later this month, subject to customary closing conditions. The Company is concurrently upsizing and extending their asset-backed revolving credit facility; that transaction is also expected to close this month.
About Hayward Holdings, Inc.
Hayward Holdings, Inc. (NYSE: HAYW) is a global designer, manufacturer and marketer of a broad portfolio of pool equipment and associated automation systems. Hayward designs, manufactures and markets a full line of innovative, energy-efficient pool and spa equipment, with brands including AquaVac®, AquaRite®, ColorLogic®, Navigator®, OmniLogic®, OmniHub™, TriStar®, Super Pump®, TurboCell®, pHin™, CAT Controllers®, HCP Pumps and Saline C® Series.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements and information relating to Hayward that are based on the beliefs of management as well as assumptions made by, and information currently available to management. These statements include statements about the New Term Loan Facility, including Hayward’s intended use of proceeds therefrom, the anticipated reduction of interest expense and the timing of the closing of the New Term Loan Facility. When used in this press release , words such as “may,” “will,” “should,” “could,” “intend,” “potential,” “continue,” “anticipate,” “believe,” “estimate,” “expect,” “plan,” “target,” “predict,” “project,” “seek” and similar expressions as they relate to us are intended to identify forward-looking statements. These statements reflect management’s current views with respect to future events, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Further, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements.
Hayward has based these forward-looking statements largely on management’s current expectations and projections about future events and financial trends that management believes may affect Hayward’s business, financial condition and results of operations. Important factors that could affect the Company’s future results and could cause those results or other outcomes to differ materially from those indicated in the forward-looking statements include those related to whether or not Hayward will be able to consummate the New Term Loan Facility on the timeline or with the terms anticipated. In addition, Hayward’s business, financial condition and results of operations are subject to other risks and uncertainties, including those set forth under “Risk Factors” in the prospectus for Hayward’s initial public offering.
The forward-looking statements in this press release represent management’s views as of the date of this press release. Unless required by United States federal securities laws, Hayward neither intends nor assumes any obligation to update these forward-looking statements for any reason after the date of this press release to conform these statements to actual results or to changes in our expectations.
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FAQ
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