Masonite International Corporation Announces Signing of $100 Million Accelerated Share Repurchase Agreement

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TAMPA, Florida, March 01, 2022–(BUSINESS WIRE)–Masonite International Corporation (NYSE: DOOR) (the “Company”) announced today that it has entered into an accelerated stock repurchase agreement (the “ASR Agreement”) with Morgan Stanley & Co. LLC . to repurchase a total of $100 million of outstanding common shares of the Company. The ASR agreement is part of Masonite’s existing share repurchase program, which, after giving effect to the repurchase of shares under the ASR agreement, has approximately $256 million remaining available for future activities. share buyback.

Under the terms of the ASR agreement, Masonite will receive an aggregate initial delivery of approximately 848,000 common shares in exchange for an upfront payment of $100 million. These shares will be retired by the Company during the first quarter of 2022. The specific number of common shares that Masonite will ultimately repurchase under the ASR Agreement will generally be based on the daily volume-weighted average trading price of ordinary shares of Masonite during the term of the ASR Agreement, less a discount and subject to adjustments in accordance with the terms and conditions of the ASR Agreement. Final settlement under the ASR agreement, including any additional delivery of shares, is expected to occur in or before the third quarter of 2022.

About Masonite

Masonite International Corporation is a world leader in the design, manufacture, marketing and distribution of interior and exterior doors for the new construction and repair, renovation and remodeling sectors of the residential construction markets. residential and non-residential buildings. Since 1925, Masonite has been offering customers innovative products and superior service at compelling values. Masonite currently serves more than 7,000 customers worldwide. Additional information about Masonite is available at masonite.com.

Forward-looking statements

This press release contains forward-looking information and other forward-looking statements within the meaning of applicable Canadian and/or United States securities laws, including in our analysis of buybacks made under the ASR Agreement. When used in this press release, these forward-looking statements can be identified by the use of words such as “may”, “could”, “could”, “will”, “should”, “should”, ” expects”, “believes”, “outlook”, “predicts”, “plans”, “targets”, “remains”, “anticipates”, “estimates”, “potential”, “continues”, “plans”, “projects”, “targeting”, or the negative form of these terms or any other similar terminology.

Forward-looking statements involve important known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Masonite, or the results of the industry, to differ materially from any plan, goal, target, objective, result, performance or achievements expressed or implied by these forward-looking statements. Accordingly, these forward-looking statements should not be construed as guarantees of future performance or results, should not be relied upon unduly, and will not necessarily be specific indications of whether or not such results will be achieved. Factors that could cause actual results to differ materially from the results discussed in the forward-looking statements include, but are not limited to, downward trends in our end markets and economic conditions; reduced levels of new residential construction; residential repair, renovation and remodeling; and non-residential building construction activity due to increases in mortgage rates, changes in mortgage interest deductions and related tax changes and reduced availability of financing; competetion; the continued success of, and our ability to maintain relationships with, certain key customers in light of customer concentration and consolidation; our ability to accurately anticipate demand for our products; impacts on our business, including seasonality, weather and climate change; the scale and scope of the current coronavirus (“COVID-19”) pandemic and its impact on our operations, customer demand and supply chain; increase in raw material and fuel prices; tariffs and trade policy developments and frictions between the United States and other countries, including China, and the impact of anti-dumping and countervailing duties; increases in labor costs, labor availability or labor relations (ie disruptions, strikes or work stoppages); our ability to manage our operations, including potential disruptions, manufacturing realignments (including related restructuring charges) and customer credit risk; product liability claims and product recalls; our ability to generate sufficient cash flow to fund our capital expenditure requirements, to meet our pension plan obligations and to meet our debt service obligations, including our obligations under our senior notes and our asset-based revolving credit facility (“ABL Facility”); limitations on operating our business due to covenant restrictions under our current and future indebtedness, including our senior notes and ABL facility; fluctuations in exchange rates and interest rates; our ability to replace our expiring patents and innovate, keep pace with technological developments and successfully integrate acquisitions; the ongoing operation of our information technology and enterprise resource planning systems and the management of potential cybersecurity threats and attacks; political, economic and other risks arising from the operation of a multinational business; uncertainty linked to the United Kingdom’s exit from the European Union; retention of key management personnel; and environmental and other governmental regulations, including the United States Foreign Corrupt Practices Act (“FCPA”), and any amendments thereto.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220301005745/en/

contacts

Richard Leland
VP, FINANCE AND TREASURER
[email protected]
813.739.1808

Marcus Devlin
DIRECTOR, INVESTOR RELATIONS
[email protected]
813.371.5839

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