Masonite guiding $475 million eight-year notes with 5¾%-6% yield; pricing Monday

By Paul A. Harris

Portland, Ore., March 9 – Masonite International Corp. is marketing a $475 million offering of eight-year senior notes (existing ratings B3/BB-) with initial yield guidance of 5¾% to 6%, according to a bond trader.

The deal is set to price in a Monday drive-by.

BofA Merrill Lynch, RBC Capital Markets, Wells Fargo Securities LLC, Barclays and Deutsche Bank Securities Inc. are the joint bookrunners for the Rule 144A and Regulation S for life offering.

The notes come with three years of call protection.

The Tampa, Fla.-based company plans to use the proceeds, together with available cash balances, to redeem all $500 million of its 8¼% senior notes due 2021.

Masonite is a designer and manufacturer of interior and exterior doors for the residential new construction market.

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