American Woodmark Corp. Closes Amended and Restated Credit Facility


WINCHESTER, Va.--(BUSINESS WIRE)--American Woodmark Corporation (NASDAQ: AMWD) 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 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.

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