Oldcastle BuildingEnvelope Completes Refinancing, Strengthening Liquidity and Supporting Long-Term Growth

Transaction provides $300 million of new capital, reduces annual cash interest expense by approximately $50 million and extends debt maturities to 2031

DALLAS--(BUSINESS WIRE)-- Oldcastle BuildingEnvelope, Inc. (“OBE”), a North American manufacturer, fabricator and distributor of architectural hardware, glass and glazing systems, today announced the completion of a comprehensive refinancing that provides OBE with $300 million of new capital, reduces its annual cash interest expense by approximately $50 million and extends its debt maturities to 2031.

The transaction strengthens OBE’s financial position and provides additional resources to invest in the business and support its customers, suppliers and employees. The refinancing was completed with the support of the overwhelming majority of OBE’s lenders and KPS Capital Partners (“KPS”), which earlier this year purchased more than 90% of OBE’s unsecured debt, representing more than $540 million in aggregate face value.

“This transaction is an important milestone for OBE, providing significant additional financial resources to invest in our business and continue delivering for our customers, suppliers and employees,” said Mark Adamson, Chief Executive Officer of OBE. “We appreciate the continued support of our lenders and KPS as we work to make OBE the preferred one-stop shop for glass, architectural metals, architectural hardware and glazing supplies.”

“KPS has tremendous conviction in OBE and its future,” said Raquel Palmer, Managing Partner of KPS and Chair of OBE’s Board of Directors. “We believe in the fundamental strength of the business and in Mark and his team, and our investment reflects that confidence.”

As part of the transaction, participating lenders provided OBE with a $300 million new-money, first-out term loan and a $288 million first-out revolving credit facility. The new term loans and revolving credit facility mature in June 2031.

KPS also exchanged more than $540 million of unsecured notes for third-out term loans bearing payment-in-kind interest, further reducing OBE’s current cash interest obligations and providing additional cash flow that can be directed toward investments in the business.

Statements regarding the expected benefits of the transaction reflect current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated.

About Oldcastle BuildingEnvelope

Oldcastle BuildingEnvelope, Inc. (OBE) is North America’s leading vertically integrated manufacturer, fabricator, and distributor of architectural hardware, glass, and glazing systems. As a single-source provider of industry-defining brands, including CRL, the premier manufacturer of hardware and supplies, and Graham Architectural Products, a leader in high-performance window systems, OBE delivers a comprehensive portfolio of building solutions. Headquartered in Dallas, Texas, OBE operates a world-class network that supports architects, glaziers, and developers across every major market in the U.S., Canada, Europe and Australia. By combining the specialized expertise of its award-winning brands with massive international scale, OBE provides the technical excellence and integrated supply chain required for the most complex residential and commercial construction projects. For more information, visit www.obe.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261005163532/en/

Media Contact
Emilee Gilbert
Director Strategic Communications
Oldcastle BuildingEnvelope
[email protected]
770-548-5588

Source: Oldcastle BuildingEnvelope, Inc.

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