Fitch assigns MIWD loan BB+, notes BB-

Fitch Ratings said it assigned MIWD Holdco II LLC’s $750 million senior secured term loan due 2027 BB+/RR2 ratings and BB-/RR4 ratings to the company's planned offering of $400 million of eight-year senior unsecured notes.

The agency also gave a BB- issuer default rating to MIWD Holdco II and MIWD Holding Co LLC (MI Windows and Doors LLC).

“MIWD's IDR reflects the company's top four position in the highly fragmented U.S. windows and doors market. The company's strong profitability metrics and consistently strongly positive FCF generation are credit positives relative to similarly-rated peers. Fitch expects the company to maintain modest leverage levels, with total debt to operating EBITDA between 3.5x and 4x during the rating horizon,” Fitch said in a press release.

The outlook is stable.

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