JELD-WEN Extends Debt Maturities to 2031, Raises $135M in New Financing
JELD sits 95% above its 52-week low of $0.925.
Summary
JELD-WEN has secured a commitment from lenders and noteholders to push its 2027 notes and 2028 term loans out to 2031, while raising $135 million in new debt. The agreement covers 94.5% of the 2027 notes and 72.2% of the 2028 term loans, giving the company breathing room on near-term maturities. The exchange offers detail that 2027 notes will be exchanged at 100% for backstop participants or 93% otherwise, and 2028 term loans at par for notes or 86% cash-out, with a $410.2 million backstop commitment. This follows a Q2 report that showed a wider net loss but first adjusted EBITDA growth in ten quarters. The new capital and extended runway directly address liquidity concerns that have weighed on the stock, which trades around $1.80. The exchange offers are expected to launch in the coming weeks, and completion would remove a major overhang.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — The 8-K details exchange offers: 2027 notes at 100% for backstop participants or 93% otherwise, 2028 term loans at par for notes or 86% cash-out, and a $410.2M backstop commitment.
At the time of this announcement, JELD was trading at $1.80 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $153.6M. The 52-week trading range was $0.93 to $5.18. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: PR Newswire.