Published on 8/14/2009 in the Prospect News PIPE Daily.
New Issue: NCI negotiates $250 million private placement of convertible preferreds
By Devika Patel
Knoxville, Tenn., Aug. 14 - NCI Building Systems, Inc. said it plans to sell $250 million of its convertible participating preferred shares to Clayton, Dubilier & Rice Fund VIII, LP.
The preferreds will initially be convertible into about 106.8 million common shares. Dividends accrue at 8% in cash or at 12% in kind.
NCI Building Systems is a Houston-based integrated manufacturer of metal products for the nonresidential building industry.
Issuer: | NCI Building Systems, Inc.
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Issue: | Convertible participating preferred shares
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Amount: | $250 million
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Dividends: | 8% in cash, 12% in kind
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Conversion ratio: | Into about 106.8 million shares
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Warrants: | No
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Investor: | Clayton, Dubilier & Rice Fund VIII, LP
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Pricing date: | Aug.14
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Stock symbol: | NYSE: NCS
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Stock price: | $4.04 at close on Aug. 13
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Market capitalization: | $85.5 million
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