New Issue: Masonite prices $100 million tap of 8¼% notes due 2021 at 103.5 to yield 7.521%

By Paul A. Harris

Portland, Ore., March 6 - Masonite International Corp. priced a $100 million fungible add-on to its 8¼% senior notes due April 15, 2021 (B3/B+/) at 103.5 on Tuesday, according to an informed source.

The reoffer price, which came at the cheap end of the 103.5 to 104 price talk, renders a 7.521% yield to worst.

Bank of America Merrill Lynch and Wells Fargo Securities LLC were the joint bookrunners for the quick-to-market add-on.

The Mississauga, Ont.-based door manufacturer plans to use the proceeds for general corporate purposes, which may include funding future tuck-in acquisitions.

The original $275 million issue priced at par in April 2011.

Issuer:	Masonite International Corp.
Face amount:	$100 million
Proceeds:	$103.5 million
Maturity:	April 15, 2021
Security description:	Fungible add-on to 8¼% senior notes due April 15, 2021
Bookrunners:	Bank of America Merrill Lynch, Wells Fargo Securities LLC
Coupon:	8¼%
Price:	103.5
Yield to worst:	7.521%
Call features:	Make-whole call at Treasuries plus 50 bps until April 15, 2015, then callable at 106.188, 104.125, 102.063, par on and after April 15, 2018
Equity clawback:	35% at 108.25 until April 15, 2014
Change-of-control put:	101%
Trade date:	March 6
Settlement date:	March 9 with accrued interest
Ratings:	Moody's: B3
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	103.5 to 104
Marketing:	Quick to market
Original issue:	$275 million issue priced at par in April 2011
Total issue size:	$375 million

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