By Paul A. Harris
Portland, Ore., March 9 – Masonite International Corp. priced a $475 million issue of eight-year senior notes (B2/BB-) at par to yield 5 5/8% on Monday, according to a syndicate source.
The yield printed at the tight end of yield talk in the 5¾% area, and inside of the 5¾% to 6% initial guidance, according to a bond trader.
BofA Merrill Lynch was the left bookrunner. RBC Capital Markets, Wells Fargo Securities LLC, Barclays and Deutsche Bank Securities Inc. were the joint bookrunners.
Proceeds, together with available cash balances, will be used to redeem all $500 million of its 8¼% senior notes due 2021.
Masonite is a Tampa, Fla., designer and manufacturer of interior and exterior doors for the residential new construction.
| Issuer: | Masonite International Corp.
|
| Amount: | $475 million
|
| Maturity: | March 15, 2023
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | RBC Capital Markets, Wells Fargo Securities LLC, Barclays, Deutsche Bank
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Spread: | 355 bps over Treasuries
|
| Call protection: | Three years
|
| Trade date: | March 9
|
| Settlement date: | March 23
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¾% area
|
| Marketing: | Quick to market
|
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