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Ply Gem affiliates acquire $46.7 million more 9% subordinated notes
By Jennifer Chiou
New York, Nov. 13 - Certain affiliates of Ply Gem Industries, Inc.'s controlling stockholder acquired an additional $46.7 million of the company's 9% senior subordinated notes after Oct. 3, according to a 10-Q filing with the Securities and Exchange Commission.
Until Oct. 3, the affiliates had acquired roughly $234.7 million of the subordinated notes.
On March 20, affiliates of the company's financial sponsor, CI Capital Partners LLC, paid cash for a majority of the 9% notes.
With the further acquisitions, it now brings the total owned by related parties to $281.4 million, including an unamortized premium of $100,000.
According to the 10-Q, in the future, Ply Gem and its affiliates may consider conducting exchange or tender offers for or purchasing its indebtedness.
As already noted, Ply Gem also said it intends to amend the notes to provide the company with greater financial and operating flexibility.
"Having our sponsor acquire a majority of our notes will give our company greater control over our debt and can provide the company with additional near-term liquidity during these challenging economic times," Gary E. Robinette, president and chief executive officer of Ply Gem, said in a previous company press release.
Ply Gem is a Cary, N.C.-based manufacturer of residential exterior building products.
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