Miter Brands plans new debt financing for PGT Innovations purchase

By Sara Rosenberg

New York, Jan. 17 – Miter Brands has received a commitment for debt financing to help fund its acquisition of PGT Innovations Inc., according to a news release.

KeyBanc Capital Markets Inc. and RBC Capital Markets provided the debt commitment.

The transaction will also be financed in part by an equity investment from Koch Equity Development LLC, a current investor in Miter.

Under the agreement, PGT is being bought for $42.00 per share in cash, or an enterprise value of about $3.1 billion.

Closing is expected by mid-year, subject to PGT shareholder approval, regulatory approval and customary conditions.

With the execution of this agreement, Masonite International Corp.’s acquisition agreement to purchase PGT for $41.00 per share, comprised of $33.50 in cash and $7.50 in common shares of Masonite, was terminated.

Masonite had commitments from Jefferies Finance LLC and Sumitomo Mitsui Banking Corp. for up to $1.8 billion in senior secured term B loans and up to $980 million in senior secured bridge loans to support the purchase of PGT.

Miter is a manufacturer of precision-built windows and doors. PGT is a North Venice, Fla.-based designer and manufacturer of patio door and window solutions. Masonite is a Tampa, Fla.-based designer, manufacturer, marketer and distributor of interior and exterior doors and door systems.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.