New Issue: Masonite prices $500 million 8.5-year notes at par to yield 5 3/8%

By Paul A. Harris

Portland, Ore., July 11 – Masonite International Corp. priced a $500 million issue of 8.5-year senior notes (Ba3/BB+) at par to yield 5 3/8% in a quick-to-market Thursday trade, sources say.

The yield printed at the tight end of yield talk in the 5½% area. Initial guidance was in the mid-to-high 5% area.

The deal was at par 3/8 bid at the break, a trader said.

BofA Securities Inc. and Wells Fargo Securities LLC were the joint bookrunners.

The Tampa-based designer, manufacturer and distributor of exterior doors plans to use the proceeds to redeem $500 million of its 5 5/8% notes due 2023.

Issuer:	Masonite International Corp.
Amount:	$500 million
Maturity:	Feb. 1, 2028
Securities:	Senior notes
Bookrunners:	BofA Securities Inc. and Wells Fargo Securities LLC
Co-managers:	HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC, RBC Capital Markets Corp., Regions Securities Inc., TD Securities (USA) LLC
Coupon:	5 3/8%
Price:	Par
Yield:	5 3/8%
Spread:	331 bps
First call date:	Make-whole call at Treasuries plus 50 bps until Feb. 1, 2023, then callable at 102.688
Equity clawback:	40% at 105.375 until Feb. 1, 2023
Trade date:	July 11
Settlement date:	July 25
Ratings:	Moody's: Ba3
	S&P: BB+
Distribution:	Rule 144A and Regulation S for life
Price talk:	5½% area
Marketing:	Quick to market

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