Daily News: December 5, 2017

BofA, Wells Fargo Agent JELD-WEN Refi


JELD-WEN Holdings amended its credit agreements in conjunction with JELD-WEN Inc.’s (JWI) concurrent offering of $800 million in aggregate principal amount of $800 million in senior notes.

According to a related 8-K facility, Bank of America was administrative agent for the amended term loan, and Wells Fargo served as administrative agent for the ABL facility.

JED-WEN, JWI and certain of its subsidiaries plan to amend the existing term loan credit agreement to, among other things, extend the maturity date from 2022 to 2024, decrease the interest rate applicable to the term loans outstanding and modify certain other terms and provisions, including to provide for additional covenant flexibility and additional capacity under the incremental facility.

They also plan to amend the existing asset-based revolving credit agreement to, among other things, extend the maturity date from 2019 to 2022 and modify certain other terms and provisions, including to provide for additional covenant flexibility and additional flexibility under the incremental facility.

As part of the amendments, JWI intends to partially repay its outstanding term loan indebtedness under the term loan credit agreement using the net proceeds of the notes offering.

The company anticipates that the amendments and the concurrent offering of the notes will provide several benefits and will establish a long-term capital structure that provides strategic, operating and financial flexibility.

Charlotte, NC-based JELD-WEN is a door and window manufacturers, operating more than 120 manufacturing facilities in 19 countries.