Bond market skeptical; Jeld-Wen says deal on track
Tuesday, September 6, 2011
PORTLAND, Ore. (AP) -- Jeld-Wen, Oregon's largest privately-held company, says it's not facing bankruptcy and its agreement to a takeover by a Canadian corporation is on track despite a report that a bond sale critical to the deal has been met with skepticism.
The Oregonian reports (http://bit.ly/nN2RBO ) that rating agencies have given the proposed issue junk bond status, and one analyst has criticized the bond documents.
But, the paper reported, the bigger problem may be a slumping bond market.
The Klamath Falls door and window company was hit hard by the recession. It has agreed to a takeover by Onex, a private equity firm.
Jeld-Wen said in a statement Tuesday it has enough cash and liquidity to carry on its business, and hasn't yet tried to sell the bonds.
Information from: The Oregonian, http://www.oregonlive.com