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Miter Brands plans $2.13 billion credit facilities for PGT purchase
By Sara Rosenberg
New York, Jan. 17 – Miter Brands has received a commitment for an up to $1.8 billion senior secured term loan and a $325 million senior secured asset-based revolving credit facility to help fund its acquisition of PGT Innovations Inc., according to an 8-K filed with the Securities and Exchange Commission on Wednesday.
KeyBanc Capital Markets Inc. and RBC Capital Markets provided the debt commitment.
The transaction will also be financed in part by a $979 million 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.
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