Published on 3/29/2018 in the Prospect News High Yield Daily.
New Issue: Ply Gem prices $645 million eight-year notes at par to yield 8%
By Paul A. Harris
Portland, Ore., March 29 – Ply Gem Holdings Inc. priced a $645 million issue of eight-year senior notes (expected Caa1/confirmed CCC+) at par to yield 8% on Thursday, according to a market source.
The yield printed at the wide end of the 7¾% to 8% yield talk. Official talk came well wide of the 7% to 7¼% initial guidance.
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.
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.
| Issuer: | Ply Gem Holdings Inc.
|
| Amount: | $645 million
|
| Tenor: | Eight years
|
| Securities: | Senior notes
|
| Managers: | Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Investment Bank, Barclays, Goldman Sachs & Co., BofA Merrill Lynch, RBC Capital Markets LLC, Jefferies, MUFG, Natixis, SG, Credit Agricole CIB
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Call protection: | Three years
|
| Trade date: | March 29
|
| Ratings: | Moody's: Expected Caa1
|
| S&P: CCC+
|
| Distribution: | Rule 144A for life
|
| Price talk: | 7¾% to 8%
|
| Marketing: | Roadshow
|
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