Benzinga | Aug 16, 2021 08:36AM EDT

Jeld-Wen To Buyback $200M Of Stock In Secondary Offering Of ~14.8M Shares By Onex

* Jeld-Wen Holding Inc (NYSE:JELD) announced the launch of a secondary offering of 14.88 million shares by Onex Corp (OTC:ONEXF) and certain investment funds managed by Onex Partners Manager LP and its affiliates.

* Jeld-Wen is not selling any shares in this offering and will not receive any proceeds from the sale.

* The company intends to repurchase $200 million of its stock in the 14.88 million shares that are the subject of the offering.

* The price per share to be paid by Jeld-Wen will equal the price at which the underwriter will purchase the shares from the selling shareholders in the offering.

* Price Action: JELD shares are trading lower by 4.35% at $28.12 during the premarket session on Monday.