By Paul A. Harris
Portland, Ore., Jan. 13 – MI Windows and Doors, LLC priced its upsized $500 million issue of eight-year senior notes (B3/B/BB-) at par to yield 5½% on Thursday, according to market sources.
The issue size increased from $400 million.
The yield printed 25 basis points through the 5¾% to 6% yield talk. Initial guidance was in the low 6% area.
The deal was heavily oversubscribed, playing to $4 billion of orders, according to a trader, who added that allocations were tough and a lot of accounts got zeroed.
Left bookrunner RBC Capital Markets LLC will bill and deliver. Joint bookrunners were Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets Inc. and M&T Securities Inc.
The issuer is a Gratz, Pa.-based building products supplier.
Proceeds, including the incremental proceeds resulting from the $100 million upsizing of the deal, will be used to repay $279 million of the term loan B and fund a distribution to MIWD Holding Co. LLC to redeem $200 million in face value of its preferred units.
| Issuers: | MIWD Holdco II LLC and MIWD Finance Corp.
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| Amount: | $500 million, increased from $400 million
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| Issue: | Senior notes
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| Maturity: | Feb. 1, 2030
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| Left bookrunner: | RBC Capital Markets LLC
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| Joint bookrunners: | Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets Inc. and M&T Securities Inc.
|
| Coupon: | 5½%
|
| Price: | Par
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| Yield: | 5½%
|
| Spread: | 384 bps
|
| First call: | Feb. 1, 2025 at 102.75
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| Trade date: | Jan. 13
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| Settlement date: | Jan. 19
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| Ratings: | Moody’s: B3
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| S&P: B
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| Fitch: BB-
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| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¾% to 6%
|
| Marketing: | Roadshow
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