MI Windows launches $451 million term loan B at SOFR plus 350 bps

By Sara Rosenberg

New York, Jan. 11 – MI Windows and Doors Inc. (MIWD Holdco II LLC) launched on Tuesday without a lender call a $451 million term loan B (Ba3/BB/BB+) that is talked at SOFR+CSA plus 350 basis points with a 0.5% floor and a par issue price, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The term loan has 101 soft call protection for six months, the source said.

RBC Capital Markets is the left lead on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to reprice an existing term loan B from Libor plus 375 bps with a 0.75% Libor floor.

The existing term loan B is being paid down by $293 million to $451 million with proceeds from a $400 million senior notes offering.

Remaining proceeds from the notes will be used to fund a distribution to MIWD Holding Co. LLC to redeem $100 million in face value of its preferred units.

MI Windows is a Gratz, Pa.-based manufacturer of vinyl, aluminum and fiberglass windows and patio doors.

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