By Paul A. Harris
Portland, Ore., Sept. 25 – Masonite International Corp. priced an upsized $150 million add-on to its 5 5/8% senior notes due March 15, 2023 (Ba3/BB-) at 104 on Monday, according to a syndicate source.
The issue size was increased from $125 million.
The reoffer price came rich to the 103.5 initial guidance.
BofA Merrill Lynch was the bookrunner.
Proceeds will be used for general corporate purposes, which may include future acquisitions, the repurchase of common shares and working capital needs.
Masonite is a Tampa, Fla., designer and manufacturer of interior and exterior doors for the residential new construction market.
| Issuer: | Masonite International Corp.
|
| Face amount: | $150 million, increased from $125 million
|
| Proceeds: | $156 million
|
| Maturity: | March 15, 2023
|
| Security description: | Add-on to 5 5/8% senior notes due March 15, 2023
|
| Bookrunner: | BofA Merrill Lynch
|
| Coupon: | 5 5/8%
|
| Price: | 104
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until Sept. 15, 2018, then callable at a premium
|
| Trade date: | Sept. 25
|
| Settlement date: | Sept. 27
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A for life
|
| Initial guidance: | 103.5
|
| Marketing: | Quick to market
|
| Original issue: | $475 million priced at par in March 2015
|
| Fungibility: | Add-on notes will become fungible with the original notes
|
| Total issue size: | $625 million
|
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