Press release

American Woodmark Corporation announces closing of amended and restated credit facility and satisfaction of conditions precedent to full redemption of 4.875% senior notes due 2026

April 22, 2021

WINCHESTER, Va.--(BUSINESS WIRE)-- American Woodmark Corporation (NASDAQ: AMWD) (the “Company”) today announced that it has entered into an amended and restated senior secured credit facility consisting of a $500 million revolving loan facility and a $250 million term loan facility. Both facilities mature on April 22, 2026. At closing, the Company borrowed the entire $250 million available under the term loan facility and approximately $264 million under the revolving loan facility. The Company used the proceeds from these borrowings, along with available cash on hand, to repay in full the indebtedness outstanding under the Company’s previous senior secured credit facility, fund the aggregate redemption price for the previously announced conditional full redemption of the Company’s 4.875% Senior Notes due 2026 scheduled to occur on April 26, 2021 (the “Redemption”) and pay related fees and expenses.

The amended and restated credit facility is guaranteed by each of the Company’s domestic subsidiaries and secured by a pledge of substantially all of the Company’s and each of its domestic subsidiary’s personal property. The Company’s previous senior secured credit facility was scheduled to mature in December 2022.

In connection with the closing of the amended and restated credit facility, the Company also announced that the conditions precedent to the Redemption have been satisfied.

About American Woodmark Corporation

American Woodmark Corporation manufactures and distributes kitchen, bath and home organization products for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, builders and through a network of independent dealers and distributors. At January 31, 2021, the Company operated seventeen manufacturing facilities in the United States and Mexico and eight primary service centers and one distribution center located throughout the United States.

Safe harbor statement under the Private Securities Litigation Reform Act of 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors that may be beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

View source version on businesswire.comhttps://www.businesswire.com/news/home/20210422005752/en/

Kevin Dunnigan
Treasury Director
540-665-9100

Source: American Woodmark Corporation

Related press releases

  • American Woodmark announces leadership transition
    American Woodmark announces leadership transition Jul 14, 2020 CFO Scott Culbreth named CEO; former CEO Cary Dunston retires; Paul Joachimczyk named CFO; Vance Tang elected Chairman; SVP of Sales Perry Campbell separates Read article
  • American Woodmark Corporation announces conditional full redemption of 4.875% senior notes due 2026
    American Woodmark Corporation announces conditional full redemption of 4.875% senior notes due 2026 Mar 26, 2021 WINCHESTER, Va.--(BUSINESS WIRE)-- American Woodmark Corporation (NASDAQ: AMWD) (the “Company”) today announced that it will give a notice of conditional full redemption to redeem all $350 million aggregate principal amount outstanding of its 4.875% Senior Notes due 2026 (the “Notes”) pursuant to the terms of the indenture governing the Notes (the “Redemption”). Read article
  • American Woodmark Corporation announces third quarter conference call on the internet
    American Woodmark Corporation announces third quarter conference call on the internet Feb 11, 2022 American Woodmark Corporation (NASDAQ: AMWD) will provide an online, real-time webcast of its conference call to discuss third quarter results on Thursday, February 24, 2022. Read article
  • American Woodmark Corporation announces fourth quarter conference call on the internet
    American Woodmark Corporation announces fourth quarter conference call on the internet May 17, 2016 American Woodmark Corporation (NASDAQ: AMWD) will provide an online, real-time webcast of its conference call to discuss fourth quarter results on Thursday, June 2, 2016. Read article
  • American Woodmark Corporation announces second quarter conference call on the internet
    American Woodmark Corporation announces second quarter conference call on the internet Nov 08, 2016 American Woodmark Corporation (NASDAQ: AMWD) will provide an online, real-time webcast of its conference call to discuss second quarter results on Tuesday, November 22, 2016. Read article
  • American Woodmark Corporation announces third quarter conference call on the internet
    American Woodmark Corporation announces third quarter conference call on the internet Feb 11, 2016 American Woodmark Corporation (NASDAQ: AMWD) will provide an online, real-time webcast of its conference call to discuss third quarter results on Thursday, February 25, 2016. Read article
  • American Woodmark Corporation announces retirement of Mr. William Brandt from the Board of Directors
    American Woodmark Corporation announces retirement of Mr. William Brandt from the Board of Directors May 17, 2016 American Woodmark Corporation (NASDAQ: AMWD) announced today that Mr. William Brandt has declined to seek re-election to the Company's Board of Directors at the next annual shareholders meeting. Read article
  • American Woodmark Corporation announces conditional partial redemption of $115 million in principal amount of 6 1/2% senior secured second lien notes due 2023 of RSI Home Products, Inc.
    American Woodmark Corporation announces conditional partial redemption of $115 million in principal amount of 6 1/2% senior secured second lien notes due 2023 of RSI Home Products, Inc. Jan 25, 2018 American Woodmark Corporation (NASDAQ: AMWD) ("American Woodmark") today announced that its wholly-owned subsidiary, RSI Home Products, Inc. ("RSI"), 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 Read article
  • American Woodmark Corporation announces commencement of Tender Offer and Consent Solicitation by its subsidiary, RSI Home Products, Inc., for up to $460 million in aggregate principal amount of RSI's 6½% senior secured second lien notes due 2023
    American Woodmark Corporation announces commencement of Tender Offer and Consent Solicitation by its subsidiary, RSI Home Products, Inc., for up to $460 million in aggregate principal amount of RSI's 6½% senior secured second lien notes due 2023 Jan 29, 2018 American Woodmark Corporation Announces Commencement Of Tender Offer And Consent Solicitation By Its Subsidiary, RSI Home Products, Inc., For Up To $460 Million In Aggregate Principal Amount Of RSI's 6½% Senior Secured Second Lien Notes Due 2023 Read article
  • American Woodmark Corporation announces $50 million stock repurchase program and corporate headquarters change in Winchester, Virginia
    American Woodmark Corporation announces $50 million stock repurchase program and corporate headquarters change in Winchester, Virginia Dec 01, 2016 American Woodmark Corporation (NASDAQ: AMWD) today announced that on November 30, 2016 the Board of Directors authorized an additional stock repurchase program of up to $50 million of the Company's outstanding common shares. Read article