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.
PISCATAWAY, NJ “The re–financing dramatically increases our operating and financial flexibility, enhances liquidity and enables us to further invest in our business and iconic brands,” said Don Devine, president and CEO of American Standard Brands.
Through 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. “Based 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.
The company marks a new era in its ability to provide total residential and commercial project solutions with coordinated innovative designs across multiple price points. American Standard Brands competes in markets from economy to luxury, with specialized leadership in water efficient products and products that meet the requirements of the Buy American Act and the American Recovery and Reinvestment Act (ARRA).
Many of the company’s most recent innovations were showcased in the American Standard booth at the International Builder’s Show (IBS) in Orlando, Fla earlier this month. American Standard participated in IBS for the first time in 20 years. One of the most well received products featured at IBS was an American Standard walk–in shower unit that easily fits into existing bathtub spaces. Displayed alongside smart and beautiful space–saving furniture, an appreciative audience of builders and contractors took notice of both style and innovation.
American Standard will also participate in the Kitchen and Bath Industry Show (KBIS) which is being held in Las Vegas, Nev. April 26 – 28, 2011.
