Back to top

Analyst Blog

PGT, Inc. (PGTI - Snapshot Report) announced that JLL Partners Fund IV, L.P., which is the selling stockholder, has increased the size of the earlier announced underwritten secondary offering of 10 million shares to 11 million shares. The offering has been priced at $7.75 per share. The offering is expected to close today.

PGT will repurchase 6,791,171 shares from the selling stockholder at a price per share of $7.3625. The underwriters of the offering have an option to purchase up to 1,650,000 additional shares from the selling stockholder.

The selling stockholder who owns roughly 61.5% of PGT's outstanding common stock will receive all of the proceeds from the offering. No shares are being sold by PGT. The selling stockholder will own around 31.5% of common stock after completion of the offering and the share repurchase.

PGT, which belongs to the building and construction industry along with Owens Corning (OC - Snapshot Report), Aegion Corporation (AEGN - Snapshot Report) and Armstrong World Industries, Inc. (AWI - Analyst Report), expects to fund the share repurchase program and refinance its existing senior secured credit facilities with borrowings of about $80 million under new senior secured credit facilities. The completion of the share repurchase, the debt refinancing and the offering are all contingent on each other.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Raymond James & Associates, Inc., and RBC Capital Markets, LLC are acting as joint book-running managers for the notes offering, while SunTrust Robinson Humphrey, Inc. is acting as co-manager.

North Venice, Fla.-based PGT is the leading U.S. manufacturer and supplier of residential impact-resistant windows and doors. PGT's product line includes a variety of aluminum and vinyl windows and doors, which are ideal for new construction and replacement projects serving the residential, commercial, high-rise and institutional markets.

PGT currently retains a short-term Zacks Rank #2 (Buy).
 

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
GTT COMMUNI… GTT 11.65 +4.11%
ALLERGAN IN… AGN 161.82 +3.99%
CLAYTON WIL… CWEI 117.06 +3.73%
GREENBRIER… GBX 69.63 +2.37%
RF MICRO DE… RFMD 12.02 +2.04%