JELD-WEN Holding, Inc. (NYSE: JELD) announced on September 29, 2026, that it has entered into a commitment and consent letter with a significant group of its lenders and noteholders. The agreement, which represents approximately 94.5% of the Company’s 4.875% Senior Notes due 2027 and approximately 72.2% of its 2028 term loans, aims to extend debt maturities and strengthen the capital structure.
Under the terms of the agreement, JELD-WEN intends to refinance its existing 2027 Notes and 2028 Term Loans with new first lien debt due in 2031. The Company will also raise $135 million of new money debt financing. The refinancing is structured as a series of transactions, including exchange offers and consent solicitations.
The exchange offer for the 2027 Notes allows eligible holders to exchange their notes for new first lien secured notes due 2031. The exchange price is set at 100.00% of the face amount for holders who provide a backstop commitment or participate in the new money notes offer. Other holders may exchange at a price of 93.00%. Simultaneously, the Company is soliciting consents to amend the existing indenture, which will eliminate restrictive covenants and modify provisions regarding mergers and consolidations.
For the 2028 Term Loans, lenders have two options: they may exchange their loans at par for the new 2031 notes, or they may elect to have their loans repaid, repurchased, or otherwise discharged at a price of 86.00%. The Company is also soliciting consents to amend the existing credit agreement, which will permit the transactions and eliminate restrictive covenants and events of default.
The new first lien notes will bear interest at either 10.50% or 11.50% per annum, payable semi-annually. Up to 2.50% of the interest may be paid in the form of an increase to the aggregate principal amount of the notes. The new notes will be secured by perfected first-priority security interests in substantially all assets of the Company and its subsidiaries.
Proceeds from the new money notes offering will be used to pay fees and expenses related to the transactions, fund the discounted repayment of the 2028 Term Loans, and support general corporate purposes.
