By Paul A. Harris
St. Louis, Feb. 27 - AMH Holdings Inc. sold $258 million proceeds of 10-year senior discount notes (Caa1/B-) Friday at 57.907 for an 11¼% yield to maturity, according to an informed source.
Price talk was 11% to 11¼%.
The issue had a face amount of $446 million.
UBS Investment Bank ran the books on the Rule 144A/Regulation S issue.
Proceeds will be used to redeem the company's outstanding preferred shares and fund a dividend payment.
The issuer is the parent of Cuyahoga Falls, Ohio-based Associated Materials Inc., a maker of vinyl, aluminum and steel siding, vinyl windows, fencing, decking and railings.
| Issuer: | AMH Holdings Inc.
|
| Face amount: | $446 million
|
| Proceeds: | $258 million
|
| Maturity: | March 1, 2014
|
| Security description: | Senior discount notes
|
| Bookrunner: | UBS Investment Bank
|
| Coupon: | Zero for the first five years
|
| Price: | 57.907
|
| Yield to maturity: | 11¼%
|
| Spread: | 726 basis points
|
| Call protection: | Until March 1, 2009
|
| Pricing date: | Feb. 27
|
| Settlement date: | March 4
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Price talk: | 11%-11¼%
|
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