Masonite $825 million two-part notes talked Libor plus 325 bps area, 9% to 9¼%

By Paul A. Harris

St. Louis, March 22 - Stile Acquisition Corp./Masonite International Corp.'s $825 million two-part offering of high-yield bonds received price talk, according to market sources.

Pricing is expected to take place on Wednesday.

A $300 million tranche of eight-year senior floating-rate notes (B3/B-) is talked in the Libor plus 325 basis points area. The notes are non-callable for two years.

Meanwhile, a $525 million tranche of 10-year senior subordinated notes (Caa1/B-) is talked at 9% to 9¼%. These notes will come with five years of call protection.

Deutsche Bank Securities, UBS Investment Bank and Scotia Capital are joint bookrunners for the Rule 144A offering.

Proceeds will be used to help fund Kohlberg Kravis Roberts & Co.'s acquisition of Masonite.

Masonite is a Mississauga, Ont.-based building products company.

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