JELD-WEN Announces $350 Million Senior Notes Offering
JELD-WEN Holding, Inc. (NYSE: JELD) has announced plans to offer $350 million in senior unsecured notes due 2032 through a private placement. The company intends to use the proceeds to redeem all outstanding 4.625% Senior Notes due 2025 and partially repay borrowings under its term loan facility. The new notes will be guaranteed by JELD-WEN, Inc. and its domestic subsidiaries that guarantee the term loan facility. The offering is to qualified institutional buyers and certain non-U.S. persons, subject to Rule 144A and Regulation S under the Securities Act. The notes will not be registered and cannot be offered or sold in the U.S. without registration or an applicable exemption.
JELD-WEN Holding, Inc. (NYSE: JELD) ha annunciato piani per offrire 350 milioni di dollari in obbligazioni senior non garantite in scadenza nel 2032 tramite un collocamento privato. L'azienda intende utilizzare i proventi per riscattare tutte le obbligazioni senior al 4,625% in scadenza nel 2025 e rimborsare parzialmente i prestiti sotto la sua linea di credito a termine. Le nuove obbligazioni saranno garantite da JELD-WEN, Inc. e dalle sue controllate nazionali che garantiscono la linea di credito a termine. L'offerta è rivolta a investitori istituzionali qualificati e a determinate persone non statunitensi, soggetta alla Regola 144A e al Regolamento S ai sensi del Securities Act. Le obbligazioni non saranno registrate e non possono essere offerte o vendute negli Stati Uniti senza registrazione o un'esenzione applicabile.
JELD-WEN Holding, Inc. (NYSE: JELD) ha anunciado planes para ofrecer 350 millones de dólares en bonos senior no garantizados que vencen en 2032 a través de una colocación privada. La empresa tiene la intención de usar los ingresos para redimir todos los bonos senior al 4.625% que vencen en 2025 y reembolsar parcialmente los préstamos bajo su instalación de préstamo a plazo. Los nuevos bonos estarán garantizados por JELD-WEN, Inc. y sus subsidiarias nacionales que garantizan la instalación de préstamo a plazo. La oferta es para inversores institucionales calificados y ciertas personas no estadounidenses, sujeta a la Regla 144A y al Reglamento S bajo la Ley de Valores. Los bonos no estarán registrados y no podrán ser ofrecidos ni vendidos en los EE. UU. sin registro o una exención aplicable.
JELD-WEN 홀딩스, Inc. (NYSE: JELD)는 2032년 만기 3억 5천만 달러의 비보장 선순위 채권을 사모 방식으로 제공할 계획을 발표했습니다. 회사는 이 수익금을 사용하여 2025년 만기 4.625% 선순위 채권을 전량 상환하고, 대출 약정에 따른 대출금을 일부 상환할 예정입니다. 새로운 채권은 JELD-WEN, Inc.와 대출 약정을 보증하는 국내 자회사가 보증합니다. 이번 제안은 자격을 갖춘 기관 투자자 및 특정 비미국인에게 제공되며, 증권법에 따른 Rule 144A 및 Regulation S의 적용을 받습니다. 채권은 등록되지 않으며, 등록이나 적절한 면제가 없이는 미국에서 제공하거나 판매할 수 없습니다.
JELD-WEN Holding, Inc. (NYSE: JELD) a annoncé des projets d'émission de 350 millions de dollars d'obligations senior non sécurisées échéant en 2032 par le biais d'un placement privé. L'entreprise a l'intention d'utiliser les produits pour racheter toutes les obligations senior à 4,625% arrivant à échéance en 2025 et rembourser partiellement les emprunts dans le cadre de son crédit à terme. Les nouvelles obligations seront garanties par JELD-WEN, Inc. et ses filiales nationales qui garantissent le crédit à terme. L'offre est destinée aux acheteurs institutionnels qualifiés et à certaines personnes non américaines, sous réserve de la règle 144A et de la réglementation S en vertu de la loi sur les valeurs mobilières. Les obligations ne seront pas enregistrées et ne peuvent pas être proposées ou vendues aux États-Unis sans enregistrement ou exemption applicable.
JELD-WEN Holding, Inc. (NYSE: JELD) hat Pläne angekündigt, 350 Millionen Dollar an unbesicherten vorrangigen Anleihen mit Fälligkeit 2032 über eine Privatplatzierung anzubieten. Das Unternehmen beabsichtigt, die Erlöse zu verwenden, um alle ausstehenden 4,625% vorrangigen Anleihen mit Fälligkeit 2025 einzulösen und teilweise Kredite aus seiner Terminkreditlinie zurückzuzahlen. Die neuen Anleihen werden von JELD-WEN, Inc. und ihren inländischen Tochtergesellschaften, die die Terminkreditlinie garantieren, garantiert. Das Angebot richtet sich an qualifizierte institutionelle Käufer und bestimmte nicht US-Bürger, unterliegt der Regel 144A und der Verordnung S nach dem Wertpapiergesetz. Die Anleihen werden nicht registriert und können ohne Registrierung oder eine anzuwendende Ausnahme in den USA nicht angeboten oder verkauft werden.
- Refinancing of existing debt with longer-term notes due 2032
- Potential reduction in interest expenses through partial repayment of term loan facility
- Increase in long-term debt obligations
- to qualified institutional buyers, potentially restricting funding options
JELD-WEN's
However, investors should note that while this doesn't increase overall debt, it doesn't reduce it either. The impact on the company's credit profile will depend on the new notes' interest rate and terms. The private placement to qualified institutional buyers suggests confidence in JELD-WEN's creditworthiness, but also limits liquidity compared to public offerings.
Overall, this refinancing effort indicates proactive financial management, potentially positioning JELD-WEN for improved cash flow management in the coming years.
The private placement of these notes under Rule 144A and Regulation S exemptions is a common practice for expediting the offering process and reducing regulatory burdens. This approach allows JELD-WEN to access capital markets efficiently while limiting the offering to sophisticated investors.
Key legal considerations include:
- Restricted transferability of the notes, potentially affecting their liquidity
- Compliance with anti-fraud provisions despite exemption from registration
- Potential future obligations if the company decides to exchange these notes for registered securities
The explicit disclaimer about not constituting an offer to sell is important for regulatory compliance. This structure balances the company's need for capital with regulatory requirements, though it may limit the potential investor base.
The Notes will be guaranteed by JWI and by each of JWI's domestic subsidiaries that guarantee indebtedness under JWI's term loan facility.
The Notes will be offered 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
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 Holding, Inc. (NYSE: JELD) is a leading global designer, manufacturer and distributor of high-performance interior and exterior doors, windows, and related building products serving the new construction and repair and remodeling sectors. Based in Charlotte,
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, 2023 and our other filings with the
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.
Media Contact:
Caryn Klebba
Head of Global Public Relations
704-807-1275
cklebba@jeldwen.com
Investor Relations Contact:
James Armstrong
Vice President, Investor Relations
704-378-5731
jarmstrong@jeldwen.com
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SOURCE JELD-WEN Holding, Inc.
FAQ
What is the amount of senior notes JELD-WEN plans to offer in 2024?
How does JELD-WEN intend to use the proceeds from the 2032 notes offering?
Who are the eligible buyers for JELD-WEN's 2032 senior notes offering?
Will JELD-WEN's 2032 senior notes be registered under the Securities Act?
