JELD-WEN Announces Pricing of $350 Million Senior Notes Offering
JELD-WEN Holding, Inc. (NYSE: JELD) has priced a $350 million offering of 7.00% senior unsecured notes due 2032 in a private placement. The net proceeds will be used to redeem all outstanding 4.625% Senior Notes due 2025 and partially repay borrowings under the term loan facility. The offering is expected to close on August 22, 2024, subject to customary conditions.
The notes will be guaranteed by JELD-WEN, Inc. and its domestic subsidiaries that guarantee indebtedness under the term loan facility. The offering is to qualified institutional buyers and certain non-U.S. persons, and the notes will not be registered under the Securities Act or state securities laws.
JELD-WEN Holding, Inc. (NYSE: JELD) ha prezzato un'offerta di 350 milioni di dollari di note senior non garantite al 7,00% con scadenza nel 2032 in un collocamento privato. I proventi netti saranno utilizzati per riscattare tutte le note senior al 4,625% in scadenza nel 2025 e per ripagare parzialmente i prestiti nell'ambito della linea di credito. Si prevede che l'offerta si concluda il 22 agosto 2024, soggetta a condizioni consuete.
Le note saranno garantite da JELD-WEN, Inc. e dalle sue filiali nazionali che garantiscono il debito nell'ambito della linea di credito. L'offerta è destinata a compratori istituzionali qualificati e a determinate persone non statunitensi, e le note non saranno registrate ai sensi del Securities Act o delle leggi sui valori mobiliari statali.
JELD-WEN Holding, Inc. (NYSE: JELD) ha establecido un precio de 350 millones de dólares para una emisión de notas senior no garantizadas al 7.00% con vencimiento en 2032 en una colocación privada. Los ingresos netos se utilizarán para redimir todas las Notas Senior al 4.625% con vencimiento en 2025 y para reembolsar parcialmente los préstamos bajo la línea de crédito a plazo. Se espera que la oferta se cierre el 22 de agosto de 2024, sujeto a condiciones habituales.
Las notas estarán garantizadas por JELD-WEN, Inc. y sus filiales nacionales que garantizan la deuda bajo la línea de crédito a plazo. La oferta está destinada a compradores institucionales calificados y a ciertas personas no estadounidenses, y las notas no se registrarán bajo la Ley de Valores ni las leyes estatales de valores.
JELD-WEN Holding, Inc. (NYSE: JELD)는 2032년 만기 7.00% 비보장 선순위 채권 3억 5천만 달러 모집을 가격 책정했습니다는 사모배정으로 진행됩니다. 순익은 2025년 만기 4.625% 선순위 채권 보유분 전량을 상환하고 대출 일부를 상환하는 데 사용될 것입니다. 이 제안은 2024년 8월 22일에 종료될 것으로 예상되며, 일반적인 조건에 따릅니다.
채권은 JELD-WEN, Inc.와 그 국내 자회사들이 보증하며, 이들은 대출의 부채를 보증합니다. 이 제공은 적격 제도적 투자자와 특정 비미국인에게 제공되며, 채권은 증권법 또는 주 증권법에 따라 등록되지 않습니다.
JELD-WEN Holding, Inc. (NYSE: JELD) a fixé le prix d'une émission de 350 millions de dollars d'obligations senior non garanties de 7,00% arrivant à échéance en 2032 dans le cadre d'un placement privé. Les produits nets seront utilisés pour racheter toutes les Obligations Senior à 4,625% venant à échéance en 2025 et pour rembourser partiellement les emprunts dans le cadre de la facilité de prêt à terme. La clôture de l'offre est prévue pour le 22 août 2024, sous réserve de conditions habituelles.
Les obligations seront garanties par JELD-WEN, Inc. et ses filiales nationales qui garantissent la dette dans le cadre de la facilité de prêt à terme. L'offre s'adresse à des acheteurs institutionnels qualifiés et à certaines personnes non américaines, et les obligations ne seront pas enregistrées en vertu de la Loi sur les valeurs mobilières ou des lois étatiques sur les valeurs mobilières.
JELD-WEN Holding, Inc. (NYSE: JELD) hat ein Preisangebot von 350 Millionen Dollar für 7,00% senior unbesicherte Anleihen mit Fälligkeit 2032 in einer Privatplatzierung festgelegt. Die Nettoerlöse werden verwendet, um alle ausstehenden 4,625% Senior Notes mit Fälligkeit 2025 einzulösen und teilweise Schulden unter der Terminkreditfazilität zurückzuzahlen. Die Platzierung wird voraussichtlich am 22. August 2024 geschlossen, vorbehaltlich üblicher Bedingungen.
Die Anleihen werden von JELD-WEN, Inc. und seinen inländischen Tochtergesellschaften, die Schulden unter der Terminkreditfazilität garantieren, garantiert. Das Angebot richtet sich an geeignete institutionelle Käufer und bestimmte Nicht-US-Personen, und die Anleihen werden nicht unter dem Securities Act oder den Wertpapiergesetzen der Bundesstaaten registriert.
- Successful pricing of $350 million senior notes offering
- Refinancing of existing debt with longer maturity (2032)
- Partial repayment of term loan facility
- Higher interest rate on new notes (7.00%) compared to redeemed notes (4.625%)
- Increased debt burden with $350 million new notes
Insights
JELD-WEN's
This refinancing provides JELD-WEN with improved financial flexibility but at a higher cost. The move suggests management's confidence in long-term cash flow generation to service the higher interest payments. Investors should monitor the impact on the company's interest coverage ratio and overall debt levels in upcoming financial reports.
The new notes offering indicates a shift in JELD-WEN's debt structure. While extending maturity is generally positive for credit risk, the higher interest rate (
The partial repayment of the term loan facility is noteworthy, potentially improving the company's debt profile. However, investors should closely examine JELD-WEN's overall leverage ratios and cash flow projections to assess the long-term sustainability of this debt structure. The private placement nature of the offering also limits secondary market liquidity for these notes.
The offering is expected to close on August 22, 2024, subject to customary closing conditions.
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 were offered and will be sold 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
View original content to download multimedia:https://www.prnewswire.com/news-releases/jeld-wen-announces-pricing-of-350-million-senior-notes-offering-302218407.html
SOURCE JELD-WEN Holding, Inc.
FAQ
What is the size and interest rate of JELD-WEN's new senior notes offering?
When is the expected closing date for JELD-WEN's (JELD) senior notes offering?
How will JELD-WEN use the proceeds from its $350 million notes offering?
Who are the guarantors of JELD-WEN's new senior notes?
