James Hardie Announces $1.7B Private Notes for The AZEK Company Inc. (AZEK) Takeover

James Hardie Industries has revealed plans for a private placement of $1.7 billion in senior notes to finance its proposed acquisition of The AZEK Company Inc. (NYSE:AZEK). The notes to be issued in multiple tranches will be used for retiring the company’s existing credit facility as well as for covering related transaction costs.

James Hardie Announces $1.7B Private Notes for The AZEK Company Inc. (AZEK) Takeover

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The private placement in the acquisition process comes a day after James Hardie announced new senior credit facilities worth $3.5 billion. The company had initially disclosed the $8.75 billion agreement to acquire The AZEK Company Inc. (NYSE:AZEK) on March 24, 2025, with transactions in both cash and shares.

The acquisition is anticipated to expand James Hardie’s footprint in the U.S. residential exteriors market while exposing the company to the ongoing challenges in the American housing sector, including heightened tariffs and home inventories.

The acquisition announcement brought a few changes in the analyst’s estimates for The AZEK Company Inc. (NYSE:AZEK). Barclays, for instance, reaffirmed an Overweight rating for the company on May 8, raising the stock’s price target from $53 to $57. Recently, before the private placement announcement, the stock’s weekly performance went up by 2.52%, reflecting investor confidence amid acquisition buzz.

The AZEK Company Inc. (NYSE:AZEK) is an industry-leading designer and manufacturer of low-maintenance, eco-friendly outdoor living products. Incorporated in 2013, the company focuses on engineered decking, trim, and accessories across North America.

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