Ply Gem Industries announces plans to refinance 9% notes by Feb. 16

By Angela McDaniels

Tacoma, Wash., Jan. 6 - Ply Gem Industries, Inc. plans to refinance its $360 million principal amount of 9% senior subordinated notes due 2012, according to an 8-K filed with the Securities and Exchange Commission by parent company Ply Gem Holdings, Inc.

Approximately $281.3 million of the notes are held by Caxton-Iseman (Ply Gem) III, LP and Caxton-Iseman (Ply Gem) IV, LP, which are affiliates of Ply Gem Holdings' indirect stockholders. Through a series of transactions, $257.3 million of these notes will be transferred to Ply Gem for no consideration as a capital contribution and canceled prior to Feb. 16.

On or shortly after Feb. 16, Ply Gem will redeem the remaining $102.7 million principal amount of 9% notes, including approximately $24 million held by the Caxton-Iseman noteholders, at par plus accrued interest.

The company will use the proceeds from a $110 million offering of senior subordinated notes due 2014 to fund the redemption.

Following the redemption, the Caxton-Iseman noteholders will no longer hold any debt securities of Ply Gem.

As previously reported, Ply Gem ended an unsuccessful exchange offer for the notes in December after failing to meet the minimum tender condition.

Ply Gem Industries is a Cary, N.C.-based manufacturer of residential exterior building products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.