Moody’s ups PGT Innovations loans, rates notes B3

Moody's Investors Service said it affirmed PGT Innovations, Inc.'s corporate family rating at B2 and its speculative grade liquidity rating at SGL-2.

The agency also upgraded the company's probability of default rating to B2-PD from B3-PD and the rating on its first-lien senior secured credit facility, consisting of $270 million term loan due 2022 and $40 million revolver expiring in 2021 to Ba2 from B2, and assigned a B3 rating to proposed $315 million senior unsecured notes due 2026.

The outlook was changed to positive from stable.

PGT announced that it entered into a definitive agreement to acquire Western Window Systems from private equity firm PWP Growth Equity.

The transaction, valued at $360 million, will be funded with the proceeds of the new $315 million of senior unsecured notes and $54 million of balance sheet cash.

“The change in outlook to positive from stable reflects the improved revenue scale and product and geographic diversification accomplished through the acquisition,” Moody’s said in a news release.

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