S&P rates Jeld-Wen bonds at junk status
Tuesday, August 9, 2011
PORTLAND, Ore. (AP) -- The Standard & Poor's ratings agency has assigned junk status to bonds Jeld-Wen is trying to sell for refinancing debt.
Selling $575 million in bonds is a prerequisite for an $864 million infusion from a Toronto investment firm, Onex Corp.
The Oregonian reports (http://bit.ly/phPhMo ) the Klamath Falls-based window and door maker is trying to refinance debt under tough market conditions.
S&P says the non-investment grade rating reflects the company's risk in the currently depressed residential construction and remodeling industry.
Jeld-Wen has 20,000 employees worldwide, 2,500 in Oregon.
Information from: The Oregonian, http://www.oregonlive.com