By Aleesia Forni
Virginia Beach, Va., April 23 - Associated Materials LLC and its wholly owned subsidiary, AMH New Finance Inc., priced a $100 million add-on to their 9 1/8% senior secured notes (Caa1) due Nov. 1, 2017 at 106 in a private placement, according to a company news release.
Proceeds from the Rule 144A and Regulation S deal will be used to repay all of the outstanding borrowings under the company's senior secured asset-based revolving credit facilities and for other general corporate purposes.
The original $730 million issue priced on Oct. 1, 2010 at par.
The sale of the new notes is expected to close on May 1.
Associated Materials manufactures and distributes exterior residential building products and is based in Cuyahoga Falls, Ohio.
| Issuers: | Associated Materials LLC, AMH New Finance Inc.
|
| Amount: | $100 million add-on
|
| Maturity: | Nov. 1, 2017
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| Securities: | Senior secured notes
|
| Coupon: | 9 1/8%
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| Price: | 106
|
| Trade date: | April 23
|
| Settlement date: | May 1
|
| Rating: | Moody's: Caa1
|
| Total issue size: | $830 million, including $730 million priced at par on Oct. 1, 2010
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