Miter Brands raises term loan B-2 amount to $1.85 billion

By Sara Rosenberg

New York, March 19 – Miter Brands Acquisition Holdco Inc. upsized its non-fungible seven-year incremental term loan B-2 (B1/BB-/BB+) to $1.854 billion from $1.3 billion, according to a market source.

Price talk on the term loan remained at SOFR plus 375 basis points with a 0% floor and an original issue discount of 99.

The term loan has 101 soft call protection for six months and no CSA.

RBC Capital Markets is the left lead on the deal.

Commitments are due at 2 p.m. ET on Wednesday, accelerated from 5 p.m. ET on Thursday, 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, and, due to the upsizing, to repay an existing term loan.

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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