) announced that JLL Partners Fund IV, L.P., which is the selling
stockholder, has increased the size of the earlier announced
underwritten secondary offering of 10 million shares to 11
million shares. The offering has been priced at $7.75 per share.
The offering is expected to close today.
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PGT will repurchase 6,791,171 shares from the selling stockholder
at a price per share of $7.3625. The underwriters of the offering
have an option to purchase up to 1,650,000 additional shares from
the selling stockholder.
The selling stockholder who owns roughly 61.5% of PGT's
outstanding common stock will receive all of the proceeds from
the offering. No shares are being sold by PGT. The selling
stockholder will own around 31.5% of common stock after
completion of the offering and the share repurchase.
PGT, which belongs to the building and construction industry
Armstrong World Industries, Inc.
), expects to fund the share repurchase program and refinance its
existing senior secured credit facilities with borrowings of
about $80 million under new senior secured credit facilities. The
completion of the share repurchase, the debt refinancing and the
offering are all contingent on each other.
Credit Suisse Securities (USA) LLC, Deutsche Bank Securities
Inc., Raymond James & Associates, Inc., and RBC Capital
Markets, LLC are acting as joint book-running managers for the
notes offering, while SunTrust Robinson Humphrey, Inc. is acting
North Venice, Fla.-based PGT is the leading U.S. manufacturer and
supplier of residential impact-resistant windows and doors. PGT's
product line includes a variety of aluminum and vinyl windows and
doors, which are ideal for new construction and replacement
projects serving the residential, commercial, high-rise and
PGT currently retains a short-term Zacks Rank #2 (Buy).