Jeld-Wen holding secondary offering of common stock

Shareholders of Jeld-Wen, the Charlotte, N.C.-based door and window manufacturer, will offer 12.5 million shares of common stock in the company with an overallotment option for an additional 1.875 million shares.

The total being offered is worth nearly $520 million. However, Jeld-Wen is not receiving any proceeds from the sale, according to an SEC filing by the company.

Barclays, Citigroup, Credit Suisse, JPMorgan Chase, Baird and Goldman Sachs & Co. are the underwriters of the offering and have a 30-day option to purchase from the over-allotment option of shares. Bank of America Merrill Lynch, Deutsche Bank Securities, RBC Capital Markets and Wells Fargo Securities are acting as co-managers in the offering.

Last week Jeld-Wen reported that third quarter 2017 net revenues increased 6.3% to $991.4 million, while the manufacturer’s net income for the quarter increased 11.3% to $51.3 million.