American Standard Completes High-Yield Debt Offering
American Standard Brands completed a successful refinancing through a high-yield debt offering of $187.5 million in aggregate principal amount concurrent with a new $60 million asset-based lending facility.
“The refinancing dramatically increases our operating and financial flexibility, enhances liquidity and enables us to further invest in our business and iconic brands,” saidDon Devine, president and CEO of American Standard Brands.
Through a series of strategic mergers commencing in 2008, the company has created a sustainable profitable business with a stable of iconic brands such as American Standard, Jado, Porcher, Crane Plumbing, Eljer, Safety Tubs and Decorative Panels International.
“Based on the success of our rapid integration efforts, the company is well positioned for organic growth and through complementary and synergistic acquisitions which will allow us to build enterprise value and stronger partnerships with our key customers,” said Devine.