Jeld-Wen prices senior note offering

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Jeld-Wen prices senior note offering

By Andy Carlo - 03/06/2018

Jeld-Wen reported that it is offering $400 million of 4.625% senior notes due 2025 and $400 million of 4.875% notes due 2027.

Net proceeds will be used to partially repay existing term loan debt, the company said. The Charlotte, N.C.-based window and door manufacturer also said that it will reprice its existing term loan credit agreement and asset-based revolving credit agreement.

Following repayment of approximately $787 million of outstanding term loan indebtedness with net proceeds of the notes, the company said the amended $440 million term loan facility will mature on December 2024, extended from July 2022. The loan will also bear interest at a reduced rate, according to Jeld-Wen.

The amended $300 million revolving credit facility will mature December 2022, extended from October 2019, and will also bear interest at a reduced rate, Jeld-Wen said.

Lost month, Jeld-Wen reported third quarter 2017 net revenues increased 6.3% to $991.4 million, compared to $932.5 million for the same period last year.

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