Wells Fargo Bank Agents $815MM ABL and Term Loan Refinancing for The AZEK Company

The AZEK Company, a designer and manufacturer of sustainable outdoor living products, including TimberTech® decking and railing, Versatex® and AZEK Trim®, and StruXure® pergolas, entered into a new credit agreement with Wells Fargo Bank, as administrative agent and collateral agent, and the lenders and financial institutions party thereto, the arrangement of which was led by Wells Fargo Securities and JPMorgan Chase Bank as joint bookrunners.

The new credit agreement provides the Company with a $815 million credit facility, consisting of a $440 million first lien term loan facility and a $375 million first lien revolving credit facility. The proceeds of the new credit agreement were applied, among other uses, to refinance outstanding obligations under the Company’s existing term loan credit agreement and the Company’s existing asset-based loan credit agreement. In connection with the entry into the new credit agreement, the existing credit agreements were terminated.

“We are pleased to announce the completion of our refinancing, which reduces approximately $150 million in funded debt from our balance sheet, reduces our interest rate and improves our financial flexibility,” said AZEK Chief Operations Officer and Chief Financial Officer, Peter Clifford. “The favorable terms we secured for this transaction demonstrate the market's confidence in our progress and our success in advancing our growth strategy. With a strengthened financial position and strong free cash flow generation, we remain focused on investing in growth opportunities and expanding our market share.”

Source: https://www.abladvisor.com/news/39420/wells-fargo-bank-agents-815mm-abl-and-term-loan-refinancing-for-the-azek-company