Miter Brands to price $500 million eight-year secured notes in Wednesday drive-by

By Paul A. Harris

Portland, Ore., March 20 – Miter Brands plans to price a $500 million offering of senior secured notes due 2032 (B1/BB-) in a Wednesday drive-by, according to market sources.

Initial guidance is in the low-7% area, according to a trader, who added that the deal came into the market with approximately $1.7 billion of reverse inquiry.

The Rule 144A and Regulation S eight-year notes come with three years of call protection.

RBC Capital Markets LLC is leading the deal.

Proceeds plus an upsized $1.854 billion term loan (from $1.3 billion) and an equity contribution from Koch Equity Development LLC, a current investor in Miter, will be used to fund the acquisition of PGT Innovations Inc. for $42 per share in cash, or an enterprise value of about $3.1 billion.

Incremental proceeds resulting from the loan upsize will be used to repay term loan debt outstanding.

Miter is a manufacturer of precision-built windows and doors. PGT is a North Venice, Fla.-based designer and manufacturer of patio door and window solutions.

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