ITEM 1.01 Entry into a Material Definitive Agreement.
On
The Notes were issued at 100.000% of par plus accrued interest from
The Notes bear interest at a rate of 4.375% per annum. Interest on the Notes is
payable semi-annually in arrears on
The Notes are jointly and severally and fully and unconditionally guaranteed on a senior unsecured basis by each of the Company's existing and future domestic restricted subsidiaries, other than any unrestricted subsidiary and any restricted subsidiary of the Company that does not guarantee the Company's existing senior secured credit facilities or any permitted refinancing thereof.
The terms of the Notes are governed by the Indenture. The Indenture contains covenants limiting the ability of the Company and any guarantors to, among other things, (i) incur additional indebtedness; (ii) pay dividends on or make distributions in respect of capital stock or make certain other restricted payments or investments; (iii) enter into agreements that restrict distributions from restricted subsidiaries; (iv) sell or otherwise dispose of assets; (v) enter into transactions with affiliates; (vi) create or incur liens; merge, consolidate or sell all or substantially all of the Company's assets; (vii) place restrictions on the ability of subsidiaries to pay dividends or make other payments to the Company; and (viii) designate the Company's subsidiaries as unrestricted subsidiaries. These covenants are subject to a number of important exceptions and qualifications. Upon the occurrence of a "change of control," as defined in the Indenture, the Company is required to offer to repurchase the Notes at 101% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase.
The Company may redeem some or all of the Notes at the redemption prices and on the terms specified in the Base Indenture.
The Indenture contains customary events of default, including, among other things, (i) failure to make required payments; (ii) failure to comply with certain agreements or covenants; (iii) failure to pay certain other indebtedness; (iv) certain events of bankruptcy and insolvency; and (v) failure to pay certain judgments. An event of default under the Indenture will allow either the Trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding series of Notes, as applicable, to accelerate, or in certain cases, will automatically cause the acceleration of, the amounts due under the applicable series of Notes.
A copy of the Indenture and the form of the Notes are attached to this Current Report on Form 8-K as Exhibit 4.1 and 4.2, respectively, and are incorporated by reference herein. The foregoing descriptions of the Indenture and the form of the Notes do not purport to be complete and are qualified in their entirety by reference to the full text of the Indenture and the form of the Notes.
ITEM 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 above is hereby incorporated by reference.
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ITEM 8.01 Other Events.
On
A copy of the press release, which was issued pursuant to and in accordance with Rule 135c under the Securities Act, is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description Indenture, dated as ofSeptember 24, 2021 , by and among 4.1 the Company, the guarantors party thereto andU.S. Bank National Association 4.2 Form of 4.375% Notes due 2029 (included in Exhibit 4.1) 99.1 PGTI$575M Closing Press Release onSeptember 27, 2021 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) -3-
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