By Paul A. Harris
Portland, Ore., Jan. 15 - Masonite International Corp. priced an upsized $125 million add-on to its 8¼% senior notes due April 15, 2021 (B3/B+/) at 108.75 to yield 5.704% on Wednesday, according to an informed source.
The deal was upsized from $100 million.
The reoffer price came rich to price talk in the 108.5 area.
BofA Merrill Lynch was the bookrunner.
The Tampa, Fla.-based door manufacturer plans to use the proceeds for general corporate purposes, which may include future acquisitions.
| Issuer: | Masonite International Corp.
|
| Face amount: | $125 million, increased from $100 million
|
| Proceeds: | $136 million
|
| Maturity: | April 15, 2021
|
| Security description: | Add-on to 8¼% senior notes due April 15, 2021
|
| Bookrunner: | BofA Merrill Lynch
|
| Coupon: | 8¼%
|
| Price: | 108.75
|
| Yield to worst: | 5.704%
|
| First call: | April 15, 2015 at 106.188
|
| Equity clawback: | 35% at 108.25 until April 15, 2014
|
| Change-of-control put: | 101%
|
| Trade date: | Jan. 15
|
| Settlement date: | Jan. 21 with accrued interest
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 108.5 area
|
| Marketing: | Quick to market
|
| Original issue: | $275 million priced at par in April 2011
|
| Previous add-on: | $100 million add-on priced at 103.5 to yield 7.521% in March 2012
|
| Fungibility: | Add-on notes will be immediately fungible with the existing notes
|
| Total issue size: | $500 million
|
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