PGT downsizes term loan to $270 million, hikes pricing, shortens term

By Paul A. Harris

Portland, Ore., Jan. 28 – PGT Inc. downsized its term loan B (B2/B+) to $270 million from $310 million and decreased the maturity to six years from seven years, according to a market source.

Spread talk increased to Libor plus 575 basis points from earlier talk of 500 bps to 525 bps. Discount talk deepened to 97 from 98.5. The 1% Libor floor remains unchanged.

The 101 soft call protection was extended to 12 months from six months.

There were also covenant changes.

Deutsche Bank Securities Inc. and SunTrust Robinson Humphrey Inc. are the bookrunners on the deal.

Recommitments are due on Friday.

Proceeds will be used to fund the acquisition of WinDoor Inc. in a transaction valued at about $102 million and to refinance existing debt.

Closing is expected in the middle of this quarter, subject to customary conditions.

PGT is a Venice, Fla.-based manufacturer and supplier of residential impact-resistant windows and doors. WinDoor is an Orlando, Fla.-based provider of high-performance, impact-resistant windows and doors for five-star resorts, luxury high-rise condominiums, hotels and custom residential homes.

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