Le Lézard
Classified in: Covid-19 virus
Subjects: Funding, Bond Issue

PGTI Announces Pricing of $575 Million of 4.375% Senior Notes due 2029


PGT Innovations, Inc. (NYSE: PGTI) ("PGTI" or the "Company"), a national leader in premium windows and doors, including impact-resistant products and products designed to unify indoor/outdoor living spaces, announced today the pricing of its previously announced private offering of $575 million aggregate principal amount of 4.375% senior notes due 2029 (the "Notes"), which are being issued at 100.000% of their principal amount, plus accrued interest from September 24, 2021. The offering of the Notes is expected to close on September 24, 2021, subject to customary closing conditions, in an offering that will be exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act").

The Notes are being offered to finance, together with any borrowings under the Company's credit agreement, the purchase price of the acquisition (the "Anlin Acquisition") by Western Window Holding LLC, a newly formed Delaware limited liability company and indirect wholly owned subsidiary of the Company, of all of the assets, properties and rights owned, used or held for use in the business, as operated by Anlin Industries, a California corporation ("Anlin"). The Anlin Acquisition was announced on September 2, 2021, and is expected to close in the fourth quarter of 2021. PGTI also intends to use the proceeds of the Notes to redeem in full $425.0 million in aggregate principal amount of the Company's 6.75% Senior Notes due 2026, plus accrued and unpaid interest thereon, (iii) to repay the entire $54.0 million outstanding amount under its existing term loan credit facility and to pay fees and expenses related to the offering.

The Notes will be guaranteed, jointly and severally, by each existing and future domestic restricted subsidiary of the Company, other than any unrestricted subsidiary and any restricted subsidiary of the Company that does not guarantee the Company's existing senior secured credit facilities or any permitted refinancing thereof (the "Guarantors"). In this regard, Eco Enterprises, LLC and its subsidiaries are unrestricted subsidiaries under the indenture and the credit agreement governing the Company's existing senior secured credit facilities and are not Guarantors of the Notes.

The Notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A of the Securities Act, and to non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act. The Notes have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This notice is being issued pursuant to and in accordance with Rule 135c under the Act.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are statements other than historical fact, and include statements relating to the offering of Notes, including the use of proceeds therefrom. These "forward-looking statements" involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements generally can be identified by the use of forward- looking terminology, such as "may," "expect," "expectations," "outlook," "forecast," "guidance," "intend," "believe," "could," "project," "estimate," "anticipate," "should" and similar terminology.

These risks and uncertainties include factors such as:

Statements in this press release that are forward-looking statements include , without limitation , our expectations regarding the expected Anlin Acquisition and the expected closing of the offering of the Notes, including the timing and terms thereof. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances after the date of this press release.


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News published on 13 september 2021 at 07:35 and distributed by: