Hayward Industries Announces Successful Incremental Senior Secured Term Loan
09 Dezember 2022 - 10:15PM
Business Wire
Hayward Holdings, Inc. (NYSE: HAYW) (“Hayward” or the
“Company”), a global designer, manufacturer, and marketer of a
broad portfolio of pool equipment and technology, announced today
that its indirect, wholly owned subsidiary Hayward Industries, Inc.
has successfully secured commitments for an incremental senior
secured term loan (“Incremental Term Loan B”) in an aggregate
principal amount of $125 million. Proceeds will be used to repay
ABL revolver borrowings, fund cash to the balance sheet, and pay
related fees and expenses.
The Incremental Term Loan B will be issued with an original
issue discount of 4.00% and will bear interest at a floating rate
of Term SOFR (with a 0.50% floor) plus 3.25% per annum. The
Incremental Term Loan B will mature in May 2028.
“We are pleased with the outcome of this financing as it
improves our liquidity and will be net leverage neutral,” commented
Eifion Jones, Hayward’s Chief Financial Officer. “With the
completion of this financing we will have increased our financial
flexibility, enhancing our ability to accelerate growth and
reinvest into the business.”
The closing of the Incremental Term Loan B is expected to occur
later this month, subject to customary closing conditions.
About Hayward Holdings, Inc.
Hayward Holdings, Inc. (NYSE: HAYW) is a leading global designer
and manufacturer of pool technology. With a mission to deliver
exceptional products, outstanding service and innovative solutions
to transform the experience of water, Hayward offers a full line of
energy-efficient and sustainable residential and commercial pool
equipment including pumps, filters, heaters, cleaners, sanitizers,
LED lighting, and water features all digitally connected through
Hayward’s intuitive IoT-enabled SmartPad™.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements and
information relating to Hayward that are based on the beliefs of
management as well as assumptions made by, and information
currently available to management. These statements include
statements about the Incremental Term Loan B, including Hayward’s
intended use of proceeds there from and the timing of the closing
of the Incremental Term Loan B. When used in this press release,
words such as “may,” “will,” “should,” “could,” “intend,”
“potential,” “continue,” “anticipate,” “believe,” “estimate,”
“expect,” “plan,” “target,” “predict,” “project,” “seek” and
similar expressions as they relate to us are intended to identify
forward-looking statements. These statements reflect management’s
current views with respect to future events, are not guarantees of
future performance and involve risks and uncertainties that are
difficult to predict. Further, certain forward-looking statements
are based upon assumptions as to future events that may not prove
to be accurate. Actual results or events could differ materially
from the plans, intentions and expectations disclosed in
forward-looking statements.
Hayward has based these forward-looking statements largely on
management’s current expectations and projections about future
events and financial trends that management believes may affect
Hayward’s business, financial condition and results of operations.
Important factors that could affect the Company’s future results
and could cause those results or other outcomes to differ
materially from those indicated in the forward-looking statements
include those related to whether or not Hayward will be able to
consummate the Incremental Term Loan B on the timeline or with the
terms anticipated. In addition, Hayward’s business, financial
condition and results of operations are subject to other risks and
uncertainties, including those set forth under “Risk Factors” in
the Company’s Annual Report on Form-10K.
The forward-looking statements in this press release represent
management’s views as of the date of this press release. Unless
required by United States federal securities laws, Hayward neither
intends nor assumes any obligation to update these forward-looking
statements for any reason after the date of this press release to
conform these statements to actual results or to changes in our
expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20221209005582/en/
Media Relations: Tanya McNabb tmcnabb@hayward.com
Investor Relations: Kevin Maczka kmaczka@hayward.com
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