AZEK's Trading Volume Surges 75.24% to $324 Million Ranking 474th in Daily Volume

On May 30, 2025, AZEK's trading volume reached $324 million, marking a 75.24% increase from the previous day and ranking 474th in the day's trading volume. AZEK's stock price rose by 0.96%, marking two consecutive days of gains and a total increase of 3.15% over the past two days.

James Hardie Industries plc successfully syndicated new credit facilities totaling $3.5 billion to support its operations and the planned transaction with AZEK. The syndication included a $1 billion revolving credit facility and a $2.5 billion senior secured Term Loan A, split into a $750 million 3-year tranche and a $1.75 billion 5-year tranche. This syndication reduced the bridge facility commitments from $4.3 billion to $1.7 billion, providing James Hardie with a strong financial foundation to execute its growth strategy.

James Hardie entered into an interest rate swap agreement to fix the 3-month SOFR at 3.79% on a $1 billion notional amount through June 2028. This swap aims to increase rate certainty and reduce interest expenses compared to the current SOFR rate. The company's CFO, Rachel Wilson, expressed satisfaction with the strong support from investors, highlighting the market's confidence in James Hardie's value proposition and future prospects.

James Hardie and AZEK entered into an Agreement and Plan of Merger on March 23, 2025. The merger will be financed in part by the new credit facilities, which will also be used to repay AZEK's existing credit facilities and cover related costs. The revolving credit facility includes a $100 million sublimit for letters of credit and a $50 million sublimit for swing line loans. The Term A-1 Facility will mature in three years, while the Term A-2 Facility and the Revolving Facility will mature in five years.

Prior to the merger's consummation, borrowings under the Term Facilities are not available, and only up to $600 million of the Revolving Facility commitments are accessible. If the merger is abandoned or not consummated within five business days following the termination date, the commitments under the Term Facilities will be reduced to zero, and the Revolving Facility commitments will be automatically reduced by $400 million. The proceeds from the credit facilities will be used to finance the merger, repay AZEK's existing debt, and cover related costs and expenses.