pcJ News Briefs – JELD-WEN Holding, Inc. (NYSE: JELD) has priced its secondary public offering of 14,000,000 shares of common stock by Onex Partners Manager LP and its affiliates and certain of other existing stockholders, at an offering price of US $30.75 per share for US $430.5 million.
Barclays, Citigroup, Credit Suisse, J.P. Morgan, Deutsche Bank Securities, RBC Capital Markets, BofA Merrill Lynch, Goldman Sachs & Co. LLC, and Wells Fargo Securities are acting as joint book-running managers in the offering. Baird, FBR, and SunTrust Robinson Humphrey are acting as co-managers in the offering.
The gross proceeds to the Onex Group will be approximately US $418 million. The Onex Group will continue to hold approximately 49 million shares of JELD-WEN for an economic interest of 47%.
JELD-WEN, founded in 1960, is one of the world’s largest door and window manufacturers, operating 115 manufacturing facilities in 19 countries located primarily in North America, Europe and Australia. Headquartered in Charlotte, North Carolina, JELD-WEN designs, produces and distributes an extensive range of interior and exterior doors, wood, vinyl and aluminum windows and related products for use in the new construction and repair and remodeling of residential homes and non-residential buildings.
FOR IMMEDIATE RELEASE All amounts in U.S. dollars unless otherwise stated
– JELD-WEN Prices Secondary Offering –
Toronto, May 25, 2017 – JELD-WEN Holding, Inc. (“JELD-WEN”) (NYSE: JELD) announced the pricing of a secondary public offering of 14,000,000 shares of common stock by certain existing stockholders, including Onex Corporation (“Onex”) (TSX: ONEX) and its affiliates (the “Onex Group”) at an offering price of $30.75 per share. The underwriters were granted a 30-day option to purchase up to 2,100,000 additional shares of common stock from the Onex Group.
At the public offering price and before the underwriters’ option, gross proceeds to the Onex Group will be approximately $418 million, of which Onex’ share will be approximately $120 million, including carried interest of $17 million. The Onex Group will continue to hold approximately 49 million shares of JELD-WEN for an economic interest of 47%. Onex will continue to hold approximately 12 million shares for a 12% economic interest.
The offering is expected to close on May 31, 2017, subject to customary closing conditions.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on May 24, 2017. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or 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 jurisdiction.
Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. Onex has approximately $25 billion of assets under management, including $6 billion of Onex proprietary capital, in private equity and credit securities. With offices in Toronto, New York, New Jersey and London, Onex invests alongside its fund investors and is the largest limited partner in each of its private equity funds.
Onex’ businesses have assets of $46 billion, generate annual revenues of $31 billion and employ approximately 166,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.