American Standard Brands recently 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. According to Don Devine, president and CEO of American Standard Brands, the re-financing increases the company’s operating and financial flexibility, enhances liquidity, and enables the company to further invest in its business.
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. This allows the company to provide products for both residential and commercial project solutions at many different 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).