MI Windows and Doors completes $464M term loan repricing at talk; terms

Investors have received allocations of MI Windows and Doors LLC's repriced covenant-lite first-lien term loan due December 2027 that totals $463.5 million following a $279 million paydown from an associated bond offering, according to sources. The deal priced at a spread of 350 basis points over the secured overnight financing rate plus a credit spread adjustment, with a 0.5% floor and an issue price of par. RBC Capital Markets was left lead arranger on the deal. The transaction lowers pricing from L+375, with a 0.75% Libor floor. Proceeds from the concurrent $500 million offering of 5.50% senior unsecured notes due February 2030 will also be used to fund a distribution to MIWD Holding Co. LLC to redeem $200 million in face value of its preferred units and for general corporate purposes. MI Windows and Doors manufactures vinyl, aluminum and fiberglass windows and patio doors in the U.S., selling its products into the new construction and remodeling residential markets through third-party distribution.

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