Jeld-Wen lifts add-on term loan B to $125 million, tightens OID

By Sara Rosenberg

New York, Sept. 11 – Jeld-Wen Inc. upsized its fungible add-on covenant-lite term loan B due Dec. 14, 2024 to $125 million from $100 million and changed the original issue discount to 99.5 from talk in the range of 99 to 99.25, according to a market source.

Pricing on the add-on term loan is Libor plus 200 basis points with a 0% Libor floor.

The add-on term loan still has 101 soft call protection for six months.

Security is a first priority interest on all assets not constituting ABL priority collateral of the borrowers and guarantors and a second priority security interest on all ABL priority collateral, subject to some exclusions.

Wells Fargo Securities LLC and BofA Securities, Inc. are the joint lead arrangers on the deal, with Wells Fargo the left lead. BofA is the administrative agent.

Recommitments are due at 3 p.m. ET on Thursday, accelerated from an original deadline of noon ET on Friday, the source added.

Proceeds will be used to repay existing debt, with the funds from the upsizing earmarked for a revolving credit facility paydown.

The company’s existing term loan B due Dec. 14, 2024 is sized at $433 million.

Jeld-Wen is a Charlotte, N.C.-based door and window manufacturer.

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