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American Woodmark Corporation Announces Closing of Amended and Restated Credit Facility and Satisfaction of Conditions Precedent to Full Redemption of 4.875% Senior Notes Due 2026

American Woodmark Corporation (NASDAQ: AMWD) (the “Company”) today announced that it has entered into an amended and restated senior secured credit facility consisting of a $500 million revolving loan facility and a $250 million term loan facility. Both facilities mature on April 22, 2026. At closing, the Company borrowed the entire $250 million available under the term loan facility and approximately $264 million under the revolving loan facility. The Company used the proceeds from these borrowings, along with available cash on hand, to repay in full the indebtedness outstanding under the Company’s previous senior secured credit facility, fund the aggregate redemption price for the previously announced conditional full redemption of the Company’s 4.875% Senior Notes due 2026 scheduled to occur on April 26, 2021 (the “Redemption”) and pay related fees and expenses.

The amended and restated credit facility is guaranteed by each of the Company’s domestic subsidiaries and secured by a pledge of substantially all of the Company’s and each of its domestic subsidiary’s personal property. The Company’s previous senior secured credit facility was scheduled to mature in December 2022.

In connection with the closing of the amended and restated credit facility, the Company also announced that the conditions precedent to the Redemption have been satisfied.

About American Woodmark Corporation

American Woodmark Corporation manufactures and distributes kitchen, bath and home organization products for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, builders and through a network of independent dealers and distributors. At January 31, 2021, the Company operated seventeen manufacturing facilities in the United States and Mexico and eight primary service centers and one distribution center located throughout the United States.

Safe harbor statement under the Private Securities Litigation Reform Act of 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors that may be beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.


Kevin Dunnigan

Treasury Director


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