New Issue: NCI negotiates $250 million private placement of convertible preferreds

By Devika Patel

Knoxville, Tenn., Aug. 14 - NCI Building Systems, Inc. said it plans to sell $250 million of its convertible participating preferred shares to Clayton, Dubilier & Rice Fund VIII, LP.

The preferreds will initially be convertible into about 106.8 million common shares. Dividends accrue at 8% in cash or at 12% in kind.

NCI Building Systems is a Houston-based integrated manufacturer of metal products for the nonresidential building industry.

Issuer:	NCI Building Systems, Inc.
Issue:	Convertible participating preferred shares
Amount:	$250 million
Dividends:	8% in cash, 12% in kind
Conversion ratio:	Into about 106.8 million shares
Warrants:	No
Investor:	Clayton, Dubilier & Rice Fund VIII, LP
Pricing date:	Aug.14
Stock symbol:	NYSE: NCS
Stock price:	$4.04 at close on Aug. 13
Market capitalization:	$85.5 million

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