Cornerstone Building Brands Prices Offering of its $500 Million Senior Secured Notes
31 Julio 2024 - 3:57PM
Business Wire
Cornerstone Building Brands, Inc. (“Cornerstone Building Brands” or the “Company”) today priced its previously announced
offering of senior secured notes due 2029 (the “Notes”) in a private placement exempt from the
registration requirements of the United States Securities Act of
1933, as amended (the “Securities
Act”). The offering is expected to close on August 7, 2024,
subject to certain closing conditions. The Notes will be guaranteed
on a senior secured basis by Camelot Return Intermediate Holdings,
LLC, a Delaware limited liability company (“Holdings”), and each of the Company’s existing and
subsequently acquired or organized direct or indirect wholly owned
U.S. restricted subsidiaries, with certain exceptions (together
with Holdings, the “Guarantors”).
The Company intends to use the net proceeds from the offering to
repay outstanding amounts under its asset-based revolving credit
facility and to pay all fees and expenses related to the
foregoing.
The Notes will be the Company’s senior secured obligations and
will bear interest at a rate of 9.50% per annum, payable on
February 15 and August 15 of each year, commencing on February 15,
2025. The notes will mature on August 15, 2029, subject to certain
springing maturity date provisions, unless earlier repurchased or
redeemed in accordance with their terms prior to that date.
The Notes and the guarantees will be offered and sold only to
persons reasonably believed to be qualified institutional buyers
pursuant to Rule 144A and in offshore transactions to non-U.S.
persons pursuant to Regulation S, each under the Securities
Act.
The Notes and the guarantees have not been and will not be
registered under the Securities Act and may not be offered or sold
in the United States absent registration or an applicable exemption
from the registration requirement of the Securities Act and
applicable state laws.
This press release is for informational purposes only and is not
an offer to sell or purchase nor the solicitation of an offer to
sell or purchase securities and shall not constitute an offer,
solicitation or sale in any state or jurisdiction in which, or to
any person to whom such an offer, solicitation or sale would be
unlawful.
About Cornerstone Building Brands Cornerstone Building Brands is
a leading manufacturer of exterior building products for
residential and low-rise non-residential buildings in North
America. Headquartered in Cary, N.C., we serve residential and
commercial customers across the new construction and Repair &
Remodel markets. Our market-leading portfolio of products spans
vinyl windows, vinyl siding, stone veneer, metal roofing, metal
wall systems and metal accessories. Cornerstone Building Brands’
broad, multi-channel distribution platform and expansive national
footprint includes approximately 19,700 employees at manufacturing,
distribution and office locations throughout North America.
Corporate stewardship and Environmental, Social and Governance
responsibility are embedded in our culture. We are committed to
contributing positively to the communities where we live, work and
play. For more information, visit us at
cornerstonebuildingbrands.com.
Forward-Looking Statements This press release includes
forward-looking statements regarding the Company’s financing plans,
including statements related to the Company’s offering of the Notes
and the intended use of net proceeds of the offering. Such
statements are subject to certain risks and uncertainties
including, without limitation, risks related to whether the Company
will consummate the offering of the Notes on the expected terms, or
at all, market and other general economic conditions and whether
the Company and the Guarantors will be able to satisfy the
conditions required to close any sale of the Notes. The Company’s
forward-looking statements also involve assumptions that, if they
never materialize or prove correct, could cause its results to
differ materially from those expressed or implied by such
forward-looking statements. These and other risks concerning the
Company and its businesses are described in additional detail in
its Annual Report on Form 10-K for the year ended December 31,
2023, and other filings made by the Company with the Securities and
Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20240731437942/en/
Investor Relations: Mohsin Syed Vice President, Corporate
Finance & Investor Relations response@cornerstone-bb.com
Media Relations: Gia Oei Vice President, Corporate
Communications & Culture response@cornerstone-bb.com