American Woodmark Corp. Announces Closing of Amended & Restated Credit Facility & Satisfaction of Conditions Precedent to Ful...
April 22 2021 - 4:05PM
Business Wire
American Woodmark Corporation (NASDAQ: AMWD) (the “Company”)
today announced that it has entered into an amended and restated
senior secured credit facility consisting of a $500 million
revolving loan facility and a $250 million term loan facility. Both
facilities mature on April 22, 2026. At closing, the Company
borrowed the entire $250 million available under the term loan
facility and approximately $264 million under the revolving loan
facility. The Company used the proceeds from these borrowings,
along with available cash on hand, to repay in full the
indebtedness outstanding under the Company’s previous senior
secured credit facility, fund the aggregate redemption price for
the previously announced conditional full redemption of the
Company’s 4.875% Senior Notes due 2026 scheduled to occur on April
26, 2021 (the “Redemption”) and pay related fees and expenses.
The amended and restated credit facility is guaranteed by each
of the Company’s domestic subsidiaries and secured by a pledge of
substantially all of the Company’s and each of its domestic
subsidiary’s personal property. The Company’s previous senior
secured credit facility was scheduled to mature in December
2022.
In connection with the closing of the amended and restated
credit facility, the Company also announced that the conditions
precedent to the Redemption have been satisfied.
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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