Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers P > Headlines for PGT Innovations Inc. > News item |
Moody’s rates PGT notes B2
Moody’s Investors Service said it assigned a B2 rating to PGT Innovations, Inc.’s proposed $50 million 6¾% senior unsecured notes due 2026. All other PGT ratings remain unchanged. The stable outlook is also unchanged.
The $50 million note offering will be placed in the form of an add-on to the company’s $315 million 6¾% senior unsecured notes due 2026. The proceeds will be used to fund an acquisition of NewSouth Window Solutions, LLC ("NewSouth"), which was announced in December. NewSouth is a Florida-based vertically integrated door and window systems supplier, serving residential and commercial markets through a showroom channel, and providing distribution, consultation and installation services.
Pro forma for the acquisition, PGT’s debt to the last twelve months EBITDA is expected to rise modestly to about 3.2x. Moody’s also expects the EBITA margin will drop slightly to about 14% given the lower margin of NewSouth. PGT’s pro forma revenue increases to about $842 million for the twelve months ended Sept. 30.
Finally, Moody’s said it believes the acquisition will provide growth and diversification opportunities through the planned expansion of product sales and service offerings to other states.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.