kb-network    News 29 Jan 2018

American Woodmark Corporation has announced the conditional partial redemption of $115 Million

American Woodmark Corporation manufactures and distributes bath, kitchen and home organisation products for the remodelling and new home construction markets. Its products are sold on a national basis directly to home centres, major builders and through a network of independent distributors. The Company presently operates 18 manufacturing facilities and seven service centres across the country.

On Friday, the corporation announced that its wholly-owned subsidiary, RSI Home Products, Inc. has elected to conditionally redeem 20%, or $115 million in principal amount, of the $575 million outstanding principal amount of its 6½% Senior Secured Second Lien Notes due 2023 at a redemption price of 103% of the principal amount of the Notes being redeemed, plus any accrued and unpaid interest thereon to, but not including, the redemption date.

This partial redemption of the RSI Notes is subject to certain financing and other related conditions as set forth in the notice of redemption to the holders of the Notes. Subject to the satisfaction of these conditions, the date fixed for the partial redemption of the RSI Notes is February 26, 2018, provided that the redemption date may be extended by RSI pending satisfaction of the conditions, but not later than March 14, 2018. There is no assurance that the conditions to the partial redemption will be satisfied. If these conditions are not satisfied on or prior to March 14, 2018, the RSI Notes will not be partially redeemed and will remain outstanding.

Additional information concerning the terms and conditions of the partial redemption of the RSI Notes are set forth in the notice of redemption to holders of the RSI Notes.

American Woodmark | americanwoodmark.com