PGTI Announces Pricing of $60 Million of Additional 6.75% Senior Notes due 2026

PGT Innovations, Inc. (NYSE: PGTI) (“PGTI” or the “Company”), a national leader in premium windows and doors, including impact-resistant products and products designed to unify indoor/outdoor living spaces, announced today the pricing of its previously announced private offering of $60 million aggregate principal amount of additional 6.75% senior notes due 2026 (the “Additional Notes”), which are being issued at 105.500% of their principal amount, plus accrued interest from August 1, 2020. The offering of the Additional Notes is expected to close on January 26, 2021, subject to customary closing conditions. The Additional Notes are part of the same issuance of, and will rank equally and form a single series with, the $365.0 million aggregate principal amount of the Company’s 6.75% senior notes due 2026, $315 million aggregate principal amount of which were issued on August 10, 2018 and $50 million aggregate principal amount of which were issued on January 24, 2020 (the “Existing Notes” and, together with the Additional Notes, the “Notes”). The Additional Notes will have the same terms as the Existing Notes (except with respect to issue date and the date from which interest accrues).

The Additional Notes are being offered to finance, together with cash on hand, the cash portion of the purchase price of the previously announced acquisition by the Company of 75% of the outstanding equity interests of New ECO Windows Holding, LLC, which was previously announced on January 7, 2021, and is expected to close in the first quarter of 2021 (the “ECO Acquisition”). If the ECO Acquisition does not close, PGTI intends to apply proceeds of the Additional Notes to repay amounts outstanding under its existing term loan credit facility and for general corporate purposes, including future acquisitions.

The Additional Notes will be guaranteed, jointly and severally, by each existing and future domestic restricted subsidiary of the Company, other than any restricted subsidiary of the Company that does not guarantee the Company’s existing senior secured credit facilities or any permitted refinancing thereof (the “Guarantors”). In this regard, upon the consummation of the ECO Acquisition, New Holding and its subsidiaries will be designated as unrestricted subsidiaries under the indenture and the credit agreement governing the Company’s existing senior secured credit facilities and will not become Guarantors of the Notes or be guarantors of the Company’s existing senior secured credit facilities.