By Paul A. Harris
Portland, Ore., Aug. 13 – Masonite International Corp. priced a $300 million issue of eight-year senior notes (Ba3/BB+) at par to yield 5¾% in a quick-to-market Monday trade, according to market sources.
The yield came tight to initial talk in the high 5% to 6% area.
BofA Merrill Lynch and Wells Fargo Securities LLC were the joint bookrunners.
The Tampa-based provider of building supplies and services plans to use the proceeds to redeem $125 million of its 5 5/8% senior notes due 2023 and for general corporate purposes, which may include future acquisitions, common share repurchases and working capital.
| Issuer: | Masonite International Corp.
|
| Amount: | $300 million
|
| Maturity: | Sept. 15, 2026
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunner: | Wells Fargo Securities LLC
|
| Co-manager: | RBC Capital Markets LLC
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 289 bps
|
| First call: | Make-whole call at Treasuries plus 50 bps until Sept. 15, 2021, then callable at a premium
|
| Trade date: | Aug. 13
|
| Settlement date: | Aug. 27
|
| Ratings: | Moody's: Ba3
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Initial price talk: | High 5% to 6% area
|
| Marketing: | Quick to market
|
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