JELD-WEN Holding, Inc. Announces Repricing of Term Loan
CHARLOTTE, N.C.--(BUSINESS WIRE)--
JELD-WEN Holding, Inc. (NYSE:JELD) today announced that JELD-WEN, Inc.,
a wholly owned subsidiary, has completed an amendment to reduce the
interest rate on its $1.2 billion term loan due 2022. Under the amended
term loan, the new effective interest rate is LIBOR plus 300 basis
points, a reduction of 50 basis points. The repricing is expected to
generate annualized cash interest savings of approximately $6 million.
“We are pleased to take advantage of strong market demand for our debt,
based on our continued operating performance as well as our improved
credit profile resulting from our recent initial public offering,” said
Mark Beck, president and chief executive officer. “These interest
savings are significant and will give us additional flexibility to
execute on our growth strategy.”
Under the amendment, the new interest rate is equal to LIBOR (with a
floor of 100 basis points), or a base rate (with a floor of 200 basis
points) plus an applicable margin. The new applicable margin is 300
basis points in the case of LIBOR, or 200 basis points in the case of
the base rate. The amendment also includes a leverage-based step-down
which may lead to further interest savings. If the company’s ratio of
net debt to adjusted EBITDA is below 2.25 to 1.00, then the applicable
margin reduces further to 275 basis points in the case of LIBOR, or 175
basis points in the case of the base rate.
There are no changes to existing outstanding principal, maturities,
covenants or interest rate swaps as a result of this amendment.
About JELD-WEN
JELD-WEN, founded in 1960, is one of the world’s largest door and window
manufacturers, operating 115 manufacturing facilities in 19 countries
located primarily in North America, Europe and Australia. Headquartered
in Charlotte, North Carolina, JELD-WEN designs, produces and distributes
an extensive range of interior and exterior doors, wood, vinyl and
aluminum windows and related products for use in the new construction
and repair and remodeling of residential homes and non-residential
buildings. Our products are marketed globally under the JELD-WEN®
brand, along with several market-leading regional brands such as Swedoor®
and DANA® in Europe and Corinthian®, Stegbar®,
and Trend® in Australia.
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Investor Relations:
JELD-WEN Holding, Inc.
John Linker, +1
704-378-7007
investors@jeldwen.com
or
Media
Relations:
CMD
Colby Reade, +1 503-488-4209
creade@cmdagency.com
JELD-WEN@cmdagency.com
Source: JELD-WEN Holding, Inc.