Ply Gem talks $645 million eight-year senior notes to yield 7¾%-8%; pricing Thursday

By Paul A. Harris

Portland, Ore., March 28 – Ply Gem Holdings Inc. talked its $645 million offering of eight-year senior notes (expected Caa1/confirmed CCC+) to yield 7¾% to 8%, according to market sources.

Official talk comes well wide of the 7% to 7¼% initial guidance.

Books close at 9:30 a.m. ET on Thursday, and the Rule 144A for life deal is set to price thereafter.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Investment Bank, Barclays, Goldman Sachs & Co., BofA Merrill Lynch, RBC Capital Markets LLC, Jefferies LLC, MUFG, Natixis, SG CIB and Credit Agricole CIB are the joint bookrunners.

The notes come with three years of call protection.

Proceeds will be used to help fund the buyout of Ply Gem and Atrium Windows & Doors by Clayton, Dubilier & Rice.

Ply Gem is a Cary, N.C.-based building products manufacturer. Atrium is a provider of windows and doors to the new construction and repair and remodel markets.

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