Business
James Hardie Announces Successful Syndication of New Credit Facilities
SYDNEY, May 30, 2025--James Hardie Industries plc (ASX: JHX) ("James Hardie" or the "Company") announced today the successful syndication of new credit facilities to support its operations and its planned transaction with The AZEK Company Inc. ( AZEK).
About this update from James Hardie Industries Plc.
[{"type":"text","content":"SYDNEY, May 30, 2025--(BUSINESS WIRE)--James Hardie Industries plc (ASX: JHX) ("James Hardie" or the "Company") announced today the successful syndication of new credit facilities to support its operations and its planned transaction with The AZEK Company Inc. ( AZEK).","length":289,"tagName":"p"},{"type":"text","content":"Transaction Highlights","length":22,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"The Company syndicated new senior secured credit facilities totaling $3.5 billion with broad support including 30 participating banks.","length":134,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Specifically, the Company secured a $1 billion revolving credit facility and $2.5 billion senior secured Term Loan A split between a $750 million 3-year tranche and $1,750 million 5-year tranche.","length":195,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Following entry into the new credit facilities, bridge facility commitments under the commitment letter (as defined below) made with certain lenders in connection with James Hardie’s pending transaction with AZEK were reduced from $4.3 billion to $1.7 billion.","length":260,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"The facilities will price at an applicable margin for Term SOFR-based loans for the 3-year between 1.25% to 1.875%, and for the 5-year between 1.375% to 2.00%, depending on Holdings’ Consolidated Net Leverage Ratio.","length":215,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"In connection with this, the Company entered into an interest rate swap agreement to fix the 3-month SOFR at 3.79% on $1 billion notional through June of 2028. The swap increases rate certainty and reduces interest expense vs. the current SOFR rate.","length":249,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1053,"olType":false},{"type":"text","content":""We are pleased with the strong show of support that this syndication received from new and existing investors and appreciate their partnership. Their participation in these new credit facilities underscores the market’s confidence in our value proposition and conviction in our future," said Rachel Wilson, CFO of James Hardie. "With this action, we will be executing on our growth strategy fro...