CHARLOTTE, N.C.- Window and door manufacturer JELD-WEN Holding, Inc. (NYSE:JELD) said that JELD-WEN, Inc., a wholly owned subsidiary, completed an amendment to reduce the interest rate on its $1.2 billion term loan due 2022.
Jeld-Wen, which went public in January 2017 and began trading last month, says 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. Jeld-Wen went public
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.