By Sarah Lizee
Olympia, Wash., Aug. 24 – Associated Materials subsidiaries Associated Materials, LLC and AMH New Finance, Inc. issued $250 million 9% senior secured notes due 2025 (B3), according to a press release.
According to a news release from Moody’s Investors Service, the notes were issued as part of a larger recapitalization of Associated Materials, whereby most of the holders of the company's existing $675 million 9% senior secured notes will receive $25 million in cash plus equity in the company in exchange for their notes, as previously reported.
The proceeds will be used to fund the cash portion of the exchange, to pay down the balance on the company's asset-based revolving facility, to fund closing costs as well as for general corporate purposes.
Associated Materials manufactures and distributes exterior residential building products and is based in Cuyahoga Falls, Ohio.
Issuers: | Associated Materials, LLC and AMH New Finance, Inc.
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Issue: | Senior secured notes
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Amount: | $250 million
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Maturity: | 2025
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Coupon: | 9%
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Rating: | Moody’s: B3
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