JELD-WEN Announces $350 Million Senior Notes Offering

Rhea-AI Summary

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.

Positive

• Refinancing of existing debt with longer-term notes due 2032
• Potential reduction in interest expenses through partial repayment of term loan facility

Negative

• Increase in long-term debt obligations
• to qualified institutional buyers, potentially restricting funding options

CHARLOTTE, N.C., Aug. 8, 2024 /PRNewswire/ -- JELD-WEN Holding, Inc. ("JELD-WEN") (NYSE: JELD) today announced that it plans to conduct an offering of $350 million in aggregate principal amount of senior unsecured notes due 2032 (the "Notes") in a private placement exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), subject to market conditions. JELD-WEN intends to use the net proceeds from the offering to fund the (i) redemption of all of the outstanding 4.625% Senior Notes due 2025 previously issued by JELD-WEN, Inc., the main operating subsidiary of JELD-WEN ("JWI"), and (ii) partial repayment of outstanding borrowings under JWI's term loan facility.

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 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. The Notes 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 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, North Carolina, the company operates facilities in 15 countries in North America and Europe and employs approximately 18,000 associates dedicated to bringing beauty and security to the spaces that touch our lives. The JELD-WEN family of brands includes JELD-WEN® worldwide, LaCantina® and VPI™ in North America, and Swedoor® and DANA® in Europe. For more information, visit corporate.JELD-WEN.com or follow LinkedIn. 

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 U.S. 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.

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?

JELD-WEN plans to offer $350 million in aggregate principal amount of senior unsecured notes due 2032.

How does JELD-WEN intend to use the proceeds from the 2032 notes offering?

JELD-WEN intends to use the proceeds to redeem all outstanding 4.625% Senior Notes due 2025 and partially repay borrowings under its term loan facility.

Who are the eligible buyers for JELD-WEN's 2032 senior notes offering?

The notes are offered to qualified institutional buyers under Rule 144A and certain non-U.S. persons under Regulation S of the Securities Act.

Will JELD-WEN's 2032 senior notes be registered under the Securities Act?

No, the notes will not be registered under the Securities Act or any state securities laws.