PGT launches $310 million term loan B at Libor plus 500-525 bps

By Sara Rosenberg

New York, Jan. 11 – PGT Inc. launched on Monday its $310 million seven-year covenant-light term loan B (B2/B+) with price talk of Libor plus 500 basis points to 525 bps with a 1% Libor floor and an original issue discount of 98.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Deutsche Bank Securities Inc. and SunTrust Robinson Humphrey Inc. are the bookrunners on the deal.

Commitments are due on Jan. 26.

Proceeds will be used to fund the acquisition of WinDoor Inc. in a transaction valued at about $102 million and to refinance existing debt.

Closing is expected in the middle of this quarter, subject to customary conditions.

PGT is a Venice, Fla.-based manufacturer and supplier of residential impact-resistant windows and doors. WinDoor is an Orlando, Fla.-based provider of high-performance, impact-resistant windows and doors for five-star resorts, luxury high-rise condominiums, hotels and custom residential homes.

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