Oct. 8, 2009 (PR Newswire) --
HOUSTON, Oct. 8 /PRNewswire-FirstCall/ -- NCI Building Systems, Inc. (NYSE: NCS) today announced that it has extended its exchange offer (the "Exchange Offer") to retire all of its existing 2.125% Convertible Senior Subordinated Notes due 2024 (the "Convertible Notes"). The Exchange Offer, previously scheduled to expire at 11:59 p.m., New York City time on October 7, 2009, will now expire at 11:59 p.m., New York City time on Monday, October 19, 2009, unless further extended or amended.
As of 10:00 p.m., New York City time on October 7, 2009, holders of approximately $179.8 million -- approximately 99.9% -- of the aggregate principal amount of the Convertible Notes outstanding have delivered valid tenders pursuant to the Exchange Offer.
The Company also announced that the voting deadline for the concurrent solicitation of acceptances of the prepackaged plan will also expire at 11:59 p.m., New York City time on Monday, October 19, 2009.
NCI also reported that as of today, it has received consents from lenders holding over two-thirds of its senior secured debt for the refinancing of its existing credit facility, assuming the amendments described below. As previously disclosed, the refinancing calls for the repayment of approximately $143 million and a modification of the terms and maturity of the remaining $150 million of debt. In connection with obtaining lock-up agreements with certain of the Company's term loan lenders, the Company will, if approved by 2/3 of the noteholders that are party to a prior lock-up agreement, modify the proposed terms of such term loan refinancing, to include, among other things, an increase of 1% in the amended interest rate; payment of the 2% consent fee on the full current outstanding balance of the term loan (rather than only on the remaining portion) to lenders that execute the restated credit agreement prior to the voting deadline referred to above; and certain additional provisions for principal amortization in 2010.
Greenhill & Co., LLC ("Greenhill") is acting as Dealer-Manager in connection with the Exchange Offer. Holders of the Convertible Notes may contact Greenhill with any questions they may have about the Exchange Offer.
NCI Building Systems, Inc. is one of North America's largest integrated manufacturers of metal products for the nonresidential building industry. NCI is comprised of a family of companies operating manufacturing facilities across the United States and Mexico, with additional sales and distribution offices throughout the United States and Canada.
