VENICE, Fla.--(BUSINESS WIRE)--
PGT Innovations, Inc. (NYSE:PGTI), the leading U.S. manufacturer and
supplier of impact-resistant windows and doors (the "Company"), today
announced that it has secured commitments for the repricing of its
existing $264 million senior secured tranche B term loan facility due
2022 (the "Existing Term Loan Facility") through an amendment of its
term loan credit agreement, providing for a new $264 million senior
secured tranche B term loan facility due 2022 (the "New Term Loan
Facility") at LIBOR plus 475 basis points, a reduction of 100 basis
points. The transaction closing is expected on February 17, 2017.
The Company estimates that this repricing will reduce cash debt service
costs by more than $2.6 million over the next year and by approximately
$13 million over the term of the facility.
Jeff Jackson, the Company's President and Chief Operating Officer,
commented, "Our ability to reprice our term loan facility at a full
percentage-point reduction in rate demonstrates the strength of our
Company and the positive relationship we have with our lenders."
The New Term Loan Facility bears interest at a rate equal to, at the
option of the Company, LIBOR (with a floor of 100 basis points), or a
base rate (with a floor of 200 basis points) plus an applicable margin.
The applicable margin is 475 basis points in the case of LIBOR, and 375
basis points in the case of the base rate. Interest under the New Term
Loan Facility is payable either quarterly or at the expiration of any
LIBOR interest period applicable thereto. Other significant terms,
restrictions, and financial and other covenants under the New Term Loan
Facility remain unchanged from the Existing Term Loan Facility. Deutsche
Bank AG New York Branch continues to serve as administrative agent and
collateral agent under the New Term Loan Facility.
Brad West, the Company's Chief Financial Officer added, "We are
accomplishing this repricing with no incremental lenders fees or
discount, and at minimal cost to the Company. The substantial cash
savings we anticipate from this transaction, will increase our free cash
flow, reduce our net leverage, and further strengthen our already strong
About PGT Innovations, Inc.
PGT INNOVATIONS, INC. (NYSE:PGTI), headquartered in North Venice,
Florida, through its wholly-owned subsidiaries, creates products which
focus on protecting and enhancing the beauty and functionality of homes
and businesses. The Company's trusted brands include PGT Custom Windows
& Doors, CGI Windows & Doors and WinDoor. PGT Innovations, Inc. holds
the leadership position in its primary market and is part of the S&P
SmallCap 400 Index. For additional information, visit http://ir.pgtinnovations.com.
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PGT Innovations, Inc.
Bradley West, 941-486-0100
President and Chief Financial Officer
Source: PGT Innovations, Inc.
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