Exhibit 99.1
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Press Contact: Christine Carter Backbone Media christine.carter@backbonemedia.net (970) 963-4873 ext. 203 | | |
The AZEK® Company Announces Launch of Public Offering of Class A
Common Stock and Partial Release of IPO Lock-Up Restriction
Chicago, Ill., September 8, 2020 – The AZEK Company Inc. (NYSE: AZEK) (“AZEK” or the “Company”) announced today the launch of an underwritten public offering of 25,000,000 shares of its Class A common stock to be offered by certain of its selling stockholders. The selling stockholders intend to grant the underwriters a 30-day option to purchase an additional 3,750,000 shares of Class A common stock. AZEK will not receive any proceeds from the sale of the shares of Class A common stock. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed.
AZEK also announced today that Barclays Capital Inc. and BofA Securities, the lead book-running managers in the Company’s recent public sale of 38,237,500 shares of Class A common stock, intend to release a lock-up restriction with respect to the shares of the Company’s Class A common stock held by certain officers and directors participating in the offering and the other selling stockholders participating in the offering. The release will take effect on September 10, 2020, and such shares may be sold or otherwise disposed of on or after such date only in connection with such offering. At such time, approximately 950,000 additional shares of AZEK’s Class A common stock held by certain of AZEK’s stockholders not participating in the offering will be released from comparable lock-up restrictions.
Barclays, BofA Securities, Goldman Sachs & Co. LLC and Jefferies are acting as joint lead book-running managers for the offering.
The offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering may be obtained from:
| • | | Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at (888) 603-5847 or by email at barclaysprospectus@broadridge.com; |
| • | | BofA Securities, NC1-004-03-43; 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department or by email at dg.prospectus_requests@bofa.com; |
| • | | Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, by facsimile at (212) 902-9316 or by email at prospectus-ny@ny.email.gs.com; or |