Miter Brands expected to sell $500 million secured notes backing acquisition of PGT Innovations

By Paul A. Harris

Portland, Ore., March 19 – Miter Brands is expected to bring a $500 million offering of senior secured notes into the high-yield primary market soon, according to a trader.

RBC Capital Markets LLC will lead the deal, the source added.

Proceeds plus an upsized $1.854 billion term loan (from $1.3 billion), and an equity contribution from Koch Equity Development LLC, a current investor in Miter, will be used to fund the acquisition of PGT Innovations Inc. for $42 per share in cash, or an enterprise value of about $3.1 billion.

Incremental proceeds resulting from the loan upsize will be used to repay term loan debt outstanding.

Commitments on the new term loan are due on Wednesday.

Miter is a manufacturer of precision-built windows and doors. PGT is a North Venice, Fla.-based designer and manufacturer of patio door and window solutions.

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