PISCATAWAY, NJ American Standard Brands announced today that AS America, Inc. (the “Issuer”) has priced an offering of $187.5 million in aggregate principal amount of senior secured notes due 2016 (the “Notes”) , which represents an increase of $12.5 million from the amount offered in the Preliminary Offering Circular, dated January 12, 2011. The sale of the Notes is expected to be completed on or about January 19, 2011, subject to customary closing conditions.
The Notes were priced at 100% of par, will be senior secured obligations of the Issuer and will be guaranteed on a senior secured basis by ASD Americas Holding Corp., the ultimate parent company of the Issuer, and substantially all of its wholly owned domestic subsidiaries. American Standard Brands intends to use the net proceeds of the offering to pay all outstanding borrowings under its existing credit facilities and for general corporate purposes.
The Notes and the related guarantees will be offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States pursuant to Regulation S under the Securities Act. The Notes and the related guarantees have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell nor the solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. Any offers of the Notes will be made only by means of a private offering circular.
This press release contains certain forward–looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, whether or not the Issuers will offer the Notes or consummate the offering, the anticipated terms of the Notes and the offering, and the anticipated use of the proceeds of the offering. Important assumptions and other important factors that could cause actual results to differ materially from those expected. Except to the extent required by applicable federal securities laws, neither the Issuers nor any of their affiliates undertake any obligation to release publicly any revisions to any forward–looking statements, to report events or to report the occurrence of unanticipated events.
ABOUT AMERICAN STANDARD BRANDS
American Standard Brands is a leading North American manufacturer of a wide range of high–quality building products, including faucets, fixtures, furniture, vitreous china fixtures, cast iron sinks, whirlpool tubs and other wellness products for the bath and kitchen as well as decorative panels. The company currently offers total project solutions for residential and commercial customers; employs more than 5,000 people in the United States, Canada and Mexico; and markets products under well known and respected brands, such as American Standard®, Jado®, Porcher®, Safety Tubs®, Crane®, Eljer®, Fiat® and Decorative Panels International®. American Standard Brands is an affiliated portfolio company of Sun Capital Partners.