By Paul A. Harris
Portland, Ore., July 9 – Masonite International Corp. priced an upsized $375 million issue of 8.6-year senior bullet notes (Ba1/BB+) at par to yield 3½% in a Friday drive-by, according to market sources.
The issue size increased from $300 million.
The yield printed at the tight end of yield talk in the 3 5/8% area. Initial guidance was in the high 3% area.
BofA Securities Inc. was at the left of a syndicate of investment banks that managed the deal, including additional bookrunners Wells Fargo Securities LLC, RBC Capital Markets LLC and J.P. Morgan Securities LLC.
The Tampa, Fla.-based door manufacturer plans to use the proceeds plus available cash to redeem all $300 million of its 5¾% senior notes due 2026 that are outstanding.
Issuer: | Masonite International Corp.
|
Amount: | $375 million, increased from $300 million
|
Maturity: | Feb. 15, 2030
|
Securities: | Senior notes
|
Bookrunners: | BofA Securities Inc., Wells Fargo Securities LLC, RBC Capital Markets LLC and J.P. Morgan Securities LLC
|
Co-managers: | HSBC Securities (USA) Inc., PNC Capital Markets LLC, Regions Securities LLC, TD Securities (USA) LLC and Barclays
|
Coupon: | 3½%
|
Price: | Par
|
Yield: | 3½%
|
Call protection: | Par call six months prior to maturity
|
Trade date: | July 9
|
Settlement date: | July 26
|
Ratings: | Moody's: Ba1
|
| S&P: BB+
|
Distribution: | Rule 144A and Regulation S
|
Price talk: | 3 5/8% area
|
Marketing: | Drive-by
|
|
© 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.