MI Windows and Doors starts roadshow for $400 million eight-year notes; initial talk low 6% area

By Paul A. Harris

Portland, Ore., Jan. 11 – MIWD Holdco II LLC started a roadshow on Tuesday for a $400 million offering of eight-year senior notes (expected Caa1/B/confirmed BB-), according to market sources.

Initial guidance has the notes coming to yield in the low 6% area, a trader said.

The deal, which was scheduled to kick off on a Tuesday conference call with investors, is set to be marketed on a roadshow through Thursday and price thereafter.

Left bookrunner RBC Capital Markets LLC will bill and deliver. Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets Inc. and M&T Securities Inc. are the joint bookrunners.

The Rule 144A and Regulation S for life notes are subject to a make-whole call at Treasuries plus 50 basis points for the first three years, after which they become callable at par plus 50% of the coupon.

The issuing entity is the parent of MI Windows and Doors, LLC, a Gratz, Pa.-based building products supplier.

Proceeds will be used to repay $293 million of the term loan B and fund a distribution to MIWD Holding Co. LLC to redeem $100 million in face value of its preferred units.

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