The AZEK Company Announces Pricing of Secondary Public Offering of Class A Common Stock and Concurrent Share Repurchase
May 17 2023 - 6:00AM
Business Wire
The AZEK Company Inc. (NYSE: AZEK) (the “Company” or “AZEK”),
the industry-leading manufacturer of beautiful, low-maintenance and
environmentally sustainable outdoor living products, including
TimberTech® decking and railing, Versatex® and AZEK® Trim and
StruXure™ pergolas, today announced the pricing of the previously
announced underwritten public secondary offering of an aggregate of
14 million shares of the Company’s Class A common stock. The shares
have been offered by an entity affiliated with Ares Management
Corporation and Ontario Teachers’ Pension Plan Board (together, the
“Selling Stockholders”).
The shares will be offered by the underwriter from time to time
for sale in one or more transactions on the New York Stock
Exchange, in the over-the-counter market, through negotiated
transactions or otherwise at market prices prevailing at the time
of sale, at prices related to prevailing market prices or at
negotiated prices. The Company is not selling any shares of its
Class A common stock and will not receive any proceeds from the
sale of the shares by the Selling Stockholders in the offering. The
offering is expected to close on May 19, 2023, subject to customary
closing conditions.
The underwriter has a 30-day option to purchase up to an
additional 2.1 million shares of Class A common stock from the
Selling Stockholders.
In addition, subject to the completion of the offering, the
Company has agreed to repurchase from the underwriter approximately
$36 million in the aggregate of the shares of Class A common stock
being sold as part of the secondary public offering, at a price per
share equal to the price at which the underwriter will purchase the
shares from the Selling Stockholders in the offering (the
“Concurrent Share Repurchase”). The Company intends to fund the
Concurrent Share Repurchase from existing cash on hand. The closing
of the Concurrent Share Repurchase is conditioned on, and expected
to occur simultaneously with, the closing of the offering, subject
to the satisfaction of other customary conditions. The Concurrent
Share Repurchase is part of the Company’s existing $400 million
share repurchase program. The timing and method of any future
repurchases, which will depend on a variety of factors, including
market conditions and the Company’s financial condition, are
subject to the discretion of management.
BofA Securities is acting as the underwriter for the
offering.
An automatic shelf registration statement (including a
prospectus) relating to the offering of Class A common stock has
been filed with the Securities and Exchange Commission (the “SEC”)
and became effective upon filing. The offering of these securities
is being made only by means of a prospectus supplement and the
accompanying prospectus. Before investing, prospective investors
should read the prospectus supplement, the accompanying base
prospectus and the documents incorporated by reference therein for
more complete information about the Company and the offering. You
may obtain these documents for free by visiting EDGAR on the SEC
website at www.sec.gov. When available, copies of the prospectus
supplement and accompanying prospectus relating to the offering may
also be obtained from: BofA Securities, NC1-022-02-25, 201 North
Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department
or by email at dg.prospectus_requests@bofa.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or other jurisdiction in which such
an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or other jurisdiction.
About The AZEK® Company
The AZEK Company Inc. (NYSE: AZEK) is the industry-leading
designer and manufacturer of beautiful, low maintenance and
environmentally sustainable outdoor living products, including
TimberTech® decking and railing, Versatex® and AZEK Trim® and
StruXure™ pergolas. Consistently recognized as a market leader in
innovation, quality and aesthetics, products across AZEK’s
portfolio are made from up to 90% recycled material and primarily
replace wood on the outside of homes, providing a long-lasting,
eco-friendly and stylish solution to consumers.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws and subject to the “safe
harbor” protections thereunder. These forward-looking statements,
including statements regarding the size of the public offering,
represent AZEK’s expectations or beliefs concerning future events,
and it is possible that the results or events described in this
press release will not be achieved. Actual future events could also
differ materially due to numerous factors that involve substantial
known and unknown risks and uncertainties including, among other
things, the risks and uncertainties set forth under “Risk Factors”
and elsewhere in the AZEK’s reports on Form 10-K and Form 10-Q and
the other risks and uncertainties discussed in any subsequent
reports that the Company files with the Securities and Exchange
Commission from time to time. Given these uncertainties, investors
are cautioned not to place undue reliance on any forward-looking
statements. AZEK does not undertake any obligation, to update or
revise any forward-looking statement made in this press release to
reflect changes since the date of this press release, except as
required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230517005278/en/
Investor Relations Contact: Eric Robinson 312-809-1093
ir@azekco.com Media Contact: Amanda Cimaglia 312-809-1093
media@azekco.com
AZEK (NYSE:AZEK)
Historical Stock Chart
From Jun 2024 to Jul 2024
AZEK (NYSE:AZEK)
Historical Stock Chart
From Jul 2023 to Jul 2024