NCI Building Systems, Inc. (NCS) announced that it has begun an exchange offer to retire all of its existing 2.125% convertible senior subordinated notes due 2024.
Upon the terms and subject to the conditions of the exchange offer, the company is offering to exchange $500 in cash and 390 shares of NCI common stock for each $1,000 principal amount of Convertible Notes validly tendered and not withdrawn at the expiration of the Exchange Offer.
As previously reported, NCI has entered into a lock-up and voting agreement pursuant to which holders of more than 79% of the aggregate principal amount of the Company's outstanding Convertible Notes have agreed to tender their notes in the exchange offer. The exchange offer will expire on October 7, unless extended or earlier terminated by the company.
Greenhill & Co., LLC is acting as Dealer-Manager in connection with the exchange offer.
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