American Woodmark Corporation Announces Conditional Full Redemption of 4.875% Senior Notes Due 2026
March 26 2021 - 2:00PM
Business Wire
American Woodmark Corporation (NASDAQ: AMWD) (the “Company”)
today announced that it will give a notice of conditional full
redemption to redeem all $350 million aggregate principal amount
outstanding of its 4.875% Senior Notes due 2026 (the “Notes”)
pursuant to the terms of the indenture governing the Notes (the
“Redemption”). The Redemption is conditioned upon, among other
things, the consummation of a senior secured credit facility in an
aggregate amount sufficient to fund the Redemption and refinance
the Company’s existing senior secured credit facility pursuant to
an amended and restated credit agreement to be entered into by the
Company on terms and conditions satisfactory in all respects to the
Company in its sole discretion.
The date the Company has fixed for the Redemption is April 26,
2021, which may be delayed by the Company in its sole discretion in
accordance with the terms of the indenture governing the Notes
(such date, as it may be delayed, the “redemption date”), subject
to the conditions for redemption being satisfied or waived by the
Company in its sole discretion. The Company may cancel the
Redemption and rescind any notice concerning the Redemption in its
sole discretion if the Company believes that the conditions for
redemption will not be satisfied or waived. The aggregate
redemption price for the Notes will be equal to 102.438% of the
principal amount of the Notes redeemed, plus accrued and unpaid
interest, if any, to, but excluding, the redemption date.
This press release does not constitute a notice of redemption
under the indenture governing the Notes or an obligation to issue a
notice of redemption. Any such notice, if given, will only be given
in accordance with the provisions of the indenture governing the
Notes.
About American Woodmark Corporation
American Woodmark Corporation manufactures and distributes
kitchen, bath and home organization products for the remodeling and
new home construction markets. Its products are sold on a national
basis directly to home centers, builders and through a network of
independent dealers and distributors. At January 31, 2021, the
Company operated seventeen manufacturing facilities in the United
States and Mexico and eight primary service centers and one
distribution center located throughout the United States.
Safe harbor statement under the Private Securities Litigation
Reform Act of 1995: All forward-looking statements made by the
Company involve material risks and uncertainties and are subject to
change based on factors that may be beyond the Company's control.
Accordingly, the Company's future performance and financial results
may differ materially from those expressed or implied in any such
forward-looking statements. Such factors include, but are not
limited to, those described in the Company's filings with the
Securities and Exchange Commission, including our Annual Report on
Form 10-K. The Company does not undertake to publicly update or
revise its forward looking statements even if experience or future
changes make it clear that any projected results expressed or
implied therein will not be realized.
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Kevin Dunnigan Treasury Director 540-665-9100
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