PGT Announces Rights Offering
Looking to gain more financial and operating flexibility, PGT Inc. has announced a special dividend consisting of rights to purchase shares of the window and door manufacturer's common stock with an aggregate value of about $30 million.
"We have a long history of successfully outperforming the overall housing market, particularly in down periods where a differentiated product offering and high levels of service make a substantial difference," says Rod Hershberger, PGT president and CEO. "Equity capital raised in this rights offering will help us continue our market share gains and drive strong performance through geographic expansion, new product introductions and improved manufacturing capabilities. The proceeds from this offering, together with the cash we have today, provide us with ample flexibility to continue outperforming the market and expand our business."
The net proceeds from the offering, scheduled to be made to PGT stockholders in February, will be used to reduce the company's debt and general corporate purposes, officials report.