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PGT Inc Announces Secondary Offering, Repurchase Of Common Stock And Debt Refinancing


Thursday, 16 May 2013 08:53am EDT 

PGT Inc announced that it had commenced an underwritten secondary offering of 10,000,000 shares of its common stock by JLL Partners Fund IV, L.P., which owns approximately 61.5% of PGT's outstanding common stock. The underwriters of the Offering will have an option to purchase up to 1,500,000 additional shares from the Selling Stockholder. The Selling Stockholder will receive all of the proceeds from the Offering. No shares are being sold by PGT. In addition, PGT announced that it entered into a share repurchase agreement with the Selling Stockholder, subject to the completion of the Offering and the Debt Refinancing, pursuant to which it intends to repurchase shares of its common stock having an aggregate value of $50 million in a concurrent, privately negotiated transaction at a price per share equal to the offering price to the public less the underwriting discounts and commissions. PGT expects to fund the share repurchase and refinance its existing senior secured credit facilities with borrowings of approximately $80 million under new senior secured credit facilities, which it expects to enter into concurrently with the closing of the Offering and the transaction contemplated by the Repurchase Agreement. Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Raymond James & Associates, Inc., and RBC Capital Markets, LLC are acting as joint book-running managers for the Offering. SunTrust Robinson Humphrey, Inc. is acting as co-manager of the Offering. 

Company Quote

10.69
0.15 +1.42%
17 Apr 2014