May 25, 2018 8:56 PM ET

Building Products

Company Overview of JELD-WEN, inc.

Company Overview

JELD-WEN, inc. manufactures and distributes windows, doors, and treated composite trim and panels for homes and commercial buildings. It offers windows, such as double-hung, single-hung, awning, fixed, sliding, casement, bay, bow, garden, and tilt and turn windows; interior and exterior doors, which include all panel, glass panel, Dutch, bi-fold, and louver doors; and sliding, swinging, and folding patio doors. The company’s products are used in various projects, such as historic renovation, lighthouse restoration, improving livable spaces, and window safety at home, as well as replacing windows, exterior doors, interior doors, and patio doors. It serves builders, architects, and homeowners....

440 South Church Street

Suite 400

Charlotte, NC 28202

United States

Founded in 1960

Phone:

541-882-3451

Fax:

541-851-4316

Key Executives for JELD-WEN, inc.

CEO & President
Age: 52
Executive Chairman
Age: 57
Executive Vice President and Chief Financial Officer
Chief Operating Officer
Executive Vice President and President of North America
Age: 51
Compensation as of Fiscal Year 2017.

JELD-WEN, inc. Key Developments

JELD-WEN Announces Jury Verdict in Steves & Sons Lawsuit

JELD-WEN Holding, Inc. announced that a jury in the nited States District Court for the Eastern District of Virginia, Richmond Division, has returned a verdict in he lawsuit filed against its wholly owned subsidiary JELD-WEN, Inc. by Steves & Sons, Inc. The verdict was unfavorable to JELD-WEN with respect to Steves’ claims that JELD-WEN’s 2012 acquisition of CraftMaster, Inc. violated Section 7 of the Clayton Act and that JELD-WEN breached the supply agreement between the parties. The verdict awards Steves $12,151,873 for past damages under both the Clayton Act and breach of contract claims and $46,480,581 in future lost profits under the Clayton Act claim. The Company expects that Steves will be required to elect to recover its past damages either under the Clayton Act claims or the contract claims, but not both. If a judgment is entered under the Clayton Act, any damages awarded will be trebled. In addition, if a judgment is entered under either theory in accordance with the verdict, Steves will be entitled to an award of attorneys fees. JELD-WEN’s position is that, because future lost profits were awarded, Steves is not permitted to pursue its claim for divestiture of certain assets acquired in the CMI acquisition.

JELD-WEN, inc. Raises USD 400 Million in Private Placement of Senior Notes Due 2025

JELD-WEN Inc. has raised USD 400 million in private placement of 4.625% senior notes due 2025. The company also announced that certain of its subsidiaries expect to reprice their existing term loan credit agreement and asset-based revolving credit agreement. The amendments to the term loan credit agreement and ABL credit agreement are expected to be entered into contemporaneously with the issuance of the notes, subject to customary closing conditions. Following repayment of approximately USD 787 million of outstanding term loan indebtedness with net proceeds of the notes, it expects the amended USD 440 million term loan facility will mature December 2024 and will bear interest at a reduced rate. The company expects the amended USD 300 million revolving credit facility will mature December 2022 and will bear interest at a reduced rate.

Jeld-Wen Holding, Inc. Announces Closing of $800 Million Senior Notes Offering, Debt Refinancing and Amendments of Credit Facilities

JELD-WEN Holding, Inc. announced that its direct, wholly-owned subsidiary, JELD-WEN, Inc. completed its previously announced offering of $400 million of 4.625% senior notes due 2025 and $400 million of 4.875% senior notes due 2027 in a private placement exempt from registration under the Securities Act of 1933, as amended. Following repayment of approximately $787 million of outstanding term loan indebtedness with net proceeds of the offering of the Notes, the amended $440 million term loan facility will mature December 2024 and will bear interest at a rate of LIBOR plus 175 to 200 basis points, determined based upon the Company’s corporate credit rating, with a LIBOR floor of 0%. This compares favorably to the previous rate of LIBOR plus 275 to 300 basis points, determined based upon the Company’s leverage ratio, with a LIBOR floor of 1%, under the existing Term Loan Credit Agreement. The amendments to the Term Loan Credit Agreement also modify certain other terms and provisions, including to provide for additional covenant flexibility and additional capacity under the incremental facility, and to conform to certain terms and provisions of the Notes. The amended $300 million asset-based revolving credit facility will mature December 2022 and will bear interest primarily at a rate of LIBOR plus 125 to 175 basis points, determined based upon availability under the facility. This compares favorably to the previous rate of LIBOR plus 150 to 200 basis points under the existing ABL Credit Agreement. The amendments to the ABL Credit Agreement also make certain adjustments to the borrowing base and modify certain other terms and provisions, including to provide for additional covenant flexibility and additional flexibility under the incremental facility, and to conform to certain terms and provisions of the amended Term Loan Credit Agreement.

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