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Associated Materials Announces Recapitalization Agreements

Paul, Weiss is advising certain noteholders of Associated Materials Inc., a leading manufacturer and distributor of exterior building products with over $1.3 billion in annual sales, in a series of recapitalization transactions that will significantly delever its balance sheet and enhance its liquidity position. Under the terms of the transactions, holders of over 99% of the company’s $675 million 9.00% senior secured notes due 2024 will convert those holdings into substantially all of the common equity securities of the company. The company’s convertible preferred equity will be cancelled in exchange for a portion of its new common equity. Associated Materials will also issue $250 million of new debt, the proceeds of which will be used primarily to provide liquidity on its balance sheet. The recapitalization agreement and related transactions, which are subject to customary closing conditions, are expected to close before the end of August 2020.

The Paul, Weiss team includes restructuring partners Jacob Adlerstein and Andrew Rosenberg; tax partner Robert Holo; corporate partners Ted Ackerman and Lawrence Wee and counsel Nathan Sawyer; employee benefits partner Andrew Gaines; and antitrust counsel Marta Kelly.

August 3, 2020

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