Miter Brands flexes $1.85 billion term loan B-2 to SOFR plus 350 bps

By Sara Rosenberg

New York, March 20 – Miter Brands Acquisition Holdco Inc. lowered pricing on its non-fungible $1.854 billion seven-year incremental term loan B-2 (B1/BB-/BB+) to SOFR plus 350 basis points from SOFR plus 375 bps, according to a market source.

In addition, the original issue discount on the term loan was changed to 99.5 from 99, the source said.

The term loan still has a 0% floor, 101 soft call protection for six months and no CSA.

Previously in syndication, the term loan was upsized from $1.3 billion.

RBC Capital Markets is the left lead on the deal.

Commitments continued to be due at 2 p.m. ET on Wednesday, the source added.

Proceeds will be used with $500 million of senior secured notes 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 recent 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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