MI Windows and Doors upsizes to $500 million, talks eight-year notes to yield 5¾%-6%

By Paul A. Harris

Portland, Ore., Jan. 13 – MIWD Holdco II LLC talked its upsized $500 million offering of eight-year senior notes (expected B3/expected B/confirmed BB-) to yield 5¾% to 6%, according to market sources.

The deal size increased from $400 million.

Official talk comes slightly inside of initial guidance in the low 6% area.

Books close at 1 p.m. ET on Thursday, and the deal is set to price thereafter.

Left bookrunner RBC Capital Markets LLC will bill and deliver. Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets Inc. and M&T Securities Inc. are the joint bookrunners.

The Rule 144A and Regulation S for life notes are subject to a make-whole call at Treasuries plus 50 basis points for the first three years, after which they become callable at par plus 50% of the coupon.

The issuing entity is the parent of MI Windows and Doors, LLC, a Gratz, Pa.-based building products supplier.

Proceeds, including the incremental proceeds resulting from the $100 million upsizing of the deal, will be used to repay $279 million of the term loan B and fund a distribution to MIWD Holding Co. LLC to redeem $200 million in face value of its preferred units.

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