Oct. 9, 2009 (PR Newswire) -- HOUSTON, Oct. 9, 2009 /PRNewswire-FirstCall/ -- NCI Building Systems, Inc. (NYSE: NCS) today announced that it has made further progress toward completing its previously-disclosed refinancing, which includes a $250 million equity investment by a fund managed by Clayton, Dubilier & Rice (CD&R). Once effective, the refinancing will significantly reduce debt and provide substantial flexibility in the current economic downturn as well as the resources to support future growth.

The Company reported that it has finalized with its lenders the form of agreement for a $125 million asset-based revolving credit facility ("ABL") with an additional $50 million accordion feature, and that the Company has confirmed participation from lenders for the full availability under the facility. The ABL Facility, which is a condition of the CD&R investment, has a maturity of the earlier of 5 years or the scheduled maturity of the Company's term loan after giving effect to the refinancing of its existing credit facility and includes borrowing capacity of up to $25 million for letters of credit and of up to $10 million for swingline borrowings.

Additionally, NCI announced that it has received approvals from over two-thirds of the noteholders that are party to a prior lock-up agreement to modify the proposed terms of the refinancing of its existing credit facility, as disclosed in the Company's October 8, 2009 news release.

On October 8, 2009,

--  NCI announced the updated results of its Convertible Note Exchange
Offer. The Company reported that as of October 7, 2009, holders of
approximately 99.9% of the aggregate principal amount of its outstanding
Convertible Notes have delivered valid tenders, which exceeds the
threshold of 95% minimum condition to the offer;

--  NCI also reported that it had received consents for the refinancing of
its existing credit facility from lenders holding over two-thirds of its
senior secured debt, subject to approval of certain noteholders.  As
noted above, that approval has now been obtained.

"We have made great progress toward the completion of our comprehensive refinancing," said Norman C. Chambers, Chairman, President and Chief Executive Officer.