By Paul A. Harris
Portland, Ore., July 9 – Masonite International Corp. priced an upsized $375 million issue of 8.6-year senior bullet notes (Ba1/BB+) at par to yield 3½% in a Friday drive-by, according to market sources.
The issue size increased from $300 million.
The yield printed at the tight end of yield talk in the 3 5/8% area. Initial guidance was in the high 3% area.
BofA Securities Inc. was at the left of a syndicate of investment banks that managed the deal, including additional bookrunners Wells Fargo Securities LLC, RBC Capital Markets LLC and J.P. Morgan Securities LLC.
The Tampa, Fla.-based door manufacturer plans to use the proceeds plus available cash to redeem all $300 million of its 5¾% senior notes due 2026 that are outstanding.
| Issuer: | Masonite International Corp.
|
| Amount: | $375 million, increased from $300 million
|
| Maturity: | Feb. 15, 2030
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| Securities: | Senior notes
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| Bookrunners: | BofA Securities Inc., Wells Fargo Securities LLC, RBC Capital Markets LLC and J.P. Morgan Securities LLC
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| Co-managers: | HSBC Securities (USA) Inc., PNC Capital Markets LLC, Regions Securities LLC, TD Securities (USA) LLC and Barclays
|
| Coupon: | 3½%
|
| Price: | Par
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| Yield: | 3½%
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| Call protection: | Par call six months prior to maturity
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| Trade date: | July 9
|
| Settlement date: | July 26
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| Ratings: | Moody's: Ba1
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3 5/8% area
|
| Marketing: | Drive-by
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