By Angela McDaniels
Seattle, Jan. 4 - Masonite International Inc. registered up to $770 million of 11% senior subordinated notes due 2015 in an F-4 report with the Securities and Exchange Commission on Wednesday.
Subsidiaries Masonite Corp. and Masonite International Corp. issued $412 million and $358 million of the notes, respectively, to some of their lenders in exchange for outstanding bank loans. Masonite is now offering to exchange the unregistered notes for registered notes with identical terms.
The exchange offer will end at 5 p.m. ET on Feb. 2.
The new notes will be guaranteed by Masonite, by each of the issuer's U.S. subsidiaries and by some of their non-U.S. subsidiaries.
Masonite is a door manufacturer based in Mississauga, Ont.
| Issuers: | Masonite Corp. and Masonite International Corp.
|
| Issue: | 11% senior subordinated notes
|
| Amount: | Up to $770 million; up to $412 million by Masonite Corp., up to $358 million by Masonite International Corp.
|
| Maturity: | April 6, 2015
|
| Coupon: | 11%
|
| Price: | Par
|
| Call: | Callable until April 20, 2010 at par plus a make-whole premium, at 105.5% of par after that; premium will decline each year to zero on April 6, 2014
|
| Equity clawback: | Until April 6, 2008 for up to 35% at 111%
|
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