[15-12G] The AZEK Company Inc. SEC Filing

Rhea-AI Filing Summary

United Rentals, Inc. (NYSE: URI) and several international subsidiaries executed a Fifth Amended and Restated Credit Agreement on 10 July 2025, replacing their prior asset-based revolver.

The agreement establishes a senior secured $4.5 billion asset-based loan (ABL) facility backed by first-priority liens on substantially all U.S. and certain non-U.S. assets. A $175 million ANZ tranche, along with sub-limits of $250 million for Canada and $125 million for Rest-of-World borrowers, plus multiple swing-line and LC sub-limits, provide multi-currency flexibility (USD, CAD, EUR, GBP and others).

Maturity: 10 July 2030. Drawn as of 9 July 2025: $2.049 billion. Availability: roughly $2.428 billion (net of LCs) subject to borrowing-base limits.

Pricing ranges:

• SOFR / SONIA / EURIBOR / Term CORRA + 1.00%–1.25%
• Base or Canadian prime + 0.00%–0.25%
• Unused line fee: 0.20%

Covenants & Security: Standard negative covenants on debt, liens, dividends, investments and M&A. No ongoing financial covenant unless availability falls below 10% for five consecutive business days, at which point a 1.0× fixed-charge coverage ratio springs into effect. Guarantees are provided by Holdings and extensive U.S. and international subsidiaries, with collateral including equity pledges (65% limit on voting shares of foreign subs).

Strategic Impact: The new facility extends URI’s debt maturity profile by five years, increases global liquidity, and keeps covenant pressure light under normal operating conditions—supporting working-capital needs, fleet investment and potential bolt-on acquisitions.

Positive

• $4.5 billion committed ABL facility strengthens liquidity and replaces the prior revolver.
• Maturity extended to July 2030, eliminating near-term refinancing risk.
• Covenant-light structure with only a springing FCCR enhances operational flexibility.
• Competitive interest margins (SOFR +1.00%–1.25%) and low 0.20% unused fee reduce carrying cost.

Negative

• Facility is fully secured by first-priority liens, limiting future unencumbered asset capacity.
• Approximately $2.049 billion already drawn, indicating material reliance on revolver funding.

Insights

Corporate Credit Analyst

TL;DR (25 words): $4.5 bn secured ABL, 2030 maturity, broad guarantees; liquidity strengthened, covenant-light, collateralized structure restricts asset flexibility but credit profile stable.

The amended facility materially enhances URI’s liquidity runway by extending the revolver’s maturity to July 2030 and raising committed capacity to $4.5 billion, while preserving an incremental accordion. Drawn utilisation of $2.0 billion leaves over $2.4 billion headroom, bolstering short-cycle rental fleet funding. Pricing—SOFR +1.00%–1.25% and a modest 20 bp unused fee—mirrors investment-grade-like terms for a secured structure. Absence of ongoing financial covenants reduces default triggers; the springing 1.0× FCCR at sub-10% availability is lenient. Security over virtually all U.S. assets and 65% of foreign equity limits future lien capacity but is typical for ABLs. Overall, the transaction is credit-positive, improving tenor and liquidity without adding restrictive leverage tests.

Equity Research Analyst

TL;DR (23 words): Extended revolver supports growth capex and M&A, manageable pricing; asset pledges standard, leverage unchanged—net positive for equity holders’ flexibility.

From an equity perspective, the five-year extension de-risks refinancing overhang through 2030 and secures competitively priced capital for fleet expansion during cyclical upswings. Multicurrency borrowing aligns with URI’s growing international footprint, notably in Canada, Europe and ANZ. While the facility is secured, the company historically monetises its large rental fleet and working-capital assets, making lien encumbrance operationally acceptable. Utilisation near 45% indicates current leverage is steady; unused capacity can fund opportunistic acquisitions without immediate equity dilution. The covenant-light nature decreases downside risk of technical defaults. Taken together, the amendment is strategically positive and should support continued free-cash-flow generation and shareholder returns.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 15

CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION

UNDER SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR SUSPENSION OF DUTY TO FILE REPORTS UNDER SECTIONS 13 AND 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number: 001-39322

The AZEK Company Inc.

(Exact name of registrant as specified in its charter)

1330 W Fulton Street, Suite 350

Chicago, Illinois 60607

(877) 275-2935

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Class A Common Stock, par value $0.001 per share

(Title of each class of securities covered by this Form)

None

(Titles of all other classes of securities for which a duty to file reports under section 13(a) or 15(d) remains)

Please place an X in the box(es) to designate the appropriate rule provision(s) relied upon to terminate or suspend the duty to file reports:

Rule 12g-4(a)(1)		☐
Rule 12g-4(a)(2)		☐
Rule 12h-3(b)(1)(i)		☒
Rule 12h-3(b)(1)(ii)		☐
Rule 15d-6		☐
Rule 15d-22(b)		☐

Approximate number of holders of record as of the certification or notice date:

Class A Common Stock, par value $0.001 per share: 1

Pursuant to the requirements of the Securities Exchange Act of 1934, The AZEK Company Inc. has caused this certification/notice to be signed on its behalf by the undersigned duly authorized person.

Date: July 11, 2025				By:		/s/ Aoife Rockett
				Name:		Aoife Rockett
				Title:		Secretary

FAQ

What is the size of United Rentals' new credit facility?

The Fifth Amended and Restated Credit Agreement provides a senior secured $4.5 billion asset-based loan facility.

When does the new ABL facility mature?

The facility matures on 10 July 2030.

How much of the facility is currently drawn and available?

As of 9 July 2025, approximately $2.049 billion was drawn, leaving about $2.428 billion available, subject to borrowing-base limits.

What are the interest rate margins on the new facility?

Borrowings bear interest at SOFR/SONIA/EURIBOR/Term CORRA + 1.00%–1.25% or base/Canadian prime + 0.00%–0.25%, with a 0.20% unused fee.

Does the agreement impose ongoing financial covenants?

No regular financial covenants apply; a springing 1.0× fixed-charge coverage ratio is tested only if availability falls below 10% for five consecutive business days.

Are there dedicated tranches for international borrowers?

Yes. There is a $175 million ANZ tranche, a $250 million Canadian sub-limit and a $125 million Rest-of-World sub-limit, plus various swing-line limits.