Miter Brands launches $1.3 billion term loan B-2 at SOFR plus 375 bps

By Sara Rosenberg

New York, March 14 – Miter Brands Acquisition Holdco Inc. launched on Thursday its non-fungible $1.3 billion seven-year incremental term loan B-2 (B1/BB-/BB+) with price talk of SOFR plus 375 basis points with a 0% floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months and no CSA, the source said.

RBC Capital Markets is the left lead on the deal.

Commitments are due at 5 p.m. ET on March 21, the source added.

Proceeds will be used with $500 million of other senior secured debt and equity from Koch Equity Development LLC, a current investor in Miter, to fund the acquisition of PGT Innovations Inc. for $42.00 per share in cash, or an enterprise value of about $3.1 billion.

Closing is expected by mid-year, subject to PGT shareholder approval, regulatory approval and customary conditions.

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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