* Says $250 mln investment delayed due to some amendments
* Obtains waiver on credit facility until Nov. 6 * Shares
down 34 pct
Aug 27 NCI Building Systems Inc (NCS.N) said a
$250 million private-equity investment by a Clayton, Dubilier &
Rice fund has been delayed due to certain amendments, sending
its shares down 37 percent.
On Aug. 14, NCI said a CD&R fund will make the investment
through newly issued convertible participating preferred shares
and thus take a 72 percent ownership in the company on an
as-converted, pro-forma basis. [nBNG452301]
On Thursday, NCI said it was in negotiations with the CD&R
fund and certain of its existing convertible noteholders
regarding amendments that would check CD&R's pro-forma
ownership to 68.5 percent.
Convertible noteholders would receive $500 cash and 390
shares for each $1000 principal amount tendered in the exchange
offer, NCI said, compared with the earlier agreement of $500 in
cash and 125 shares.
Due to these negotiations, the launch of the exchange
offer, earlier expected to have occurred by Aug. 28, will be
delayed, NCI said.
NCI also said it has obtained an extension of the waivers
granted by its senior credit facility lenders until Nov. 6.
Shares of NCI were down $1.19 at $2.29 Thursday on the New
York Stock Exchange. They touched a low of $2.18 earlier in the
(Reporting by A.Ananthalakshmi in Bangalore; Editing by
Jarshad Kakkrakandy) ((firstname.lastname@example.org;
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