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MI Windows launches $675 million term loan at Libor plus 450-475 bps
By Sara Rosenberg
New York, Oct. 10 – MI Windows and Door’s LLC held a bank meeting on Thursday to launch a $675 million term loan B that is talked at Libor plus 450 basis points to 475 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
M&T Bank and RBC Capital Markets are the joint lead arrangers on the deal. M&T is the administrative agent.
Commitments are due on Oct. 24, the source added.
Proceeds will be used to help fund the acquisition of Milgard Windows and Doors from Masco Corp. for about $725 million.
Closing is expected in the fourth quarter, subject to customary conditions and regulatory review.
MI Windows is a Gratz, Pa.-based supplier of vinyl and aluminum windows and doors.
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