PGT Innovations, Inc. Announces Repricing of Senior Secured Term Loan Facility Due February 2022 at LIBOR+3.50%, a 1.25% Reduction in Margin

PGT Innovations, Inc. (NYSE:PGTI), the leading U.S. manufacturer and supplier of impact-resistant windows and doors (the "Company”), today announced that it has entered into an amendment to its existing $224 million senior secured term loan facility due February 2022 (the "Term Loan Facility”), which has resulted in, among other things, a 125 basis point reduction in the interest rate applicable to the Term Loan Facility. The Company estimates that this interest rate reduction should reduce its cash debt service costs by an aggregate of nearly $2.8 million over the next twelve months, as compared to what those costs would have been without the reduction.

"With this amendment, we have reduced our interest margin by a total of 225 basis points since February 2017, significantly improving our cost of capital,” said Jeff Jackson, PGT Innovations’ President and Chief Executive Officer. "Our ability to further reduce the margin component of our interest rate is due to our improved financial performance and leverage position, and strong cash flow. We believe this interest rate reduction positions the Company well to continue executing on its long-term strategy, including further deleveraging, and will enhance shareholder value.”

After giving effect to the amendment, the Term Loan Facility will bear interest at a rate equal to, at the option of the Company, LIBOR (with a floor of 100 basis points), or a base rate (with a floor of 200 basis points) plus an applicable margin. The applicable margin is 350 basis points in the case of LIBOR, and 250 basis points in the case of the base rate. Interest under the Term Loan Facility is payable either quarterly or at the expiration of any LIBOR interest period applicable thereto. Other significant terms, restrictions, and financial and other covenants under the Term Loan Facility remain materially unchanged. After giving effect to the amendment, SunTrust Robinson Humphrey, Inc. will serve as administrative agent and collateral agent under the Term Loan Facility.

Forward-Looking Statements

Statements in this press release regarding our business that are not historical facts are "forward-looking statements” that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as "estimates,” "should,” "believe,” "will,” and similar terminology. These risks and uncertainties include factors such as:

• unfavorable changes in new home starts and home remodeling trends, especially in the State of Florida, where the substantial portion of our sales are generated;
• unfavorable changes in the economy in the United States in general and in the State of Florida, where the substantial portion of our sales are generated;
• increases in our cost of raw materials, including aluminum, glass and vinyl;
• our dependence on a limited number of suppliers for certain of our key materials;
• increases in our electricity, fuel and transportation costs;
• our level of indebtedness;
• our dependence on our impact-resistant product lines;
• our ability to successfully integrate businesses we may acquire, including our acquisition of WinDoor, Inc.
• product liability and warranty claims brought against us;
• federal, state and local laws and regulations, including unfavorable changes in local building codes;
• our dependence on a limited number of manufacturing facilities; and
• the other risks and uncertainties discussed under "Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017.

Statements in this press release that are forward-looking statements include, without limitation, our expectations regarding: (1) the amount by which the amendment to our Term Loan Facility may reduce our cash debt service costs; and (2) the effects of the amendment to the Term Loan Facility on our ability to execute our long-term strategy (including the potential for further deleveraging) and enhance shareholder value. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances from the date of this press release.

About PGT Innovations, Inc.

PGT Innovations, headquartered in North Venice, Florida, with more than 2,800 employees, creates value through customer relationships, understanding the needs of the industries it serves, a drive to create the strongest, safest impact-resistant products on the market, and a commitment to always moving our business and products forward. The company's trusted brands include CGI®, PGT® Custom Windows & Doors, and WinDoor®. PGT Innovations is the nation’s largest manufacturer of impact-resistant windows and doors, holds the leadership position in its primary market, and is part of the S&P SmallCap 400 Index. For additional information, visit www.pgtinnovations.com.

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