Cleary Gottlieb is representing JELD-WEN Inc. (JELD-WEN), a wholly owned subsidiary of JELD-WEN HOLDING Inc. (JWHI), in an offering of $250 million of its 6.25% senior secured notes due 2025.
The notes were offered in a private placement in the United States pursuant to Rule 144A and outside of the United States pursuant to Regulation S. The offering launched and priced on April 27, 2020, and is expected to close on May 4, 2020.
The notes will be guaranteed by JWHI and each of JELD-WEN’s existing and future direct and indirect domestic subsidiaries that guarantee its term loan agreement and asset-based revolving credit agreement, and will be secured by a first priority lien on certain assets of JELD-WEN and the guarantors and by a second priority lien on assets of JELD-WEN and the guarantors that secure the ABL credit agreement.
The net proceeds of the offering will be used to repay existing debt under JELD-WEN’s asset-based revolving credit facility and the remainder will be used for general corporate purposes.
JELD-WEN was founded in 1960 and is one of the world’s largest door and window manufacturers, operating manufacturing facilities in 20 countries located primarily in North America, Europe, and Australia. Headquartered in Charlotte, North Carolina, it 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 nonresidential buildings. JELD-WEN markets its products globally under the JELD-WEN brand, along with several market-leading regional brands in Europe and Australia.