NCI Building plans to call remaining 2.125% convertible notes at par

By Jennifer Chiou

New York, Dec. 9 - NCI Building Systems, Inc. announced the full redemption of its $58,750 of 2.125% convertible senior subordinated notes due 2024 at par on Dec. 29 after having received zero tenders in an offer that ended on Dec. 8.

Up to the close of business on Dec. 28, holders may require the company to convert the notes into cash and fully paid shares of NCI stock.

As of Wednesday, the conversion rate for the notes is 24.9121 shares per $1,000 principal amount. The company's shares closed at $2.02 apiece on Dec. 8.

The company said it will also pay accrued interest in the redemption.

As already reported, the put option was triggered by the $250 million equity investment in the company by funds managed by Clayton, Dubilier & Rice, Inc.

The company said it will pay for the notes with cash on hand.

The Bank of New York Mellon Trust Co., NA is the paying agent.

NCI is a Houston-based integrated manufacturer of metal products for the nonresidential building industry.

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