The refinancing will increase the company's operating and financial flexibility and enable it to further invest in its brands.
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.
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.
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.
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.