PGT Innovations $575 million notes offering
Davis Polk advised PGT Innovations, Inc. in connection with its Rule 144A / Regulation S offering of $575 million aggregate principal amount of 4.375% senior notes due 2029. The notes will be guaranteed by certain of PGT Innovations’ subsidiaries.
The proceeds of the notes offering will be used, together with any borrowings under PGT Innovations’ credit agreement, to finance the purchase price of the acquisition by Western Window Holding LLC, a newly formed Delaware limited liability company and indirect wholly owned subsidiary of PGT Innovations, of all of the assets, properties and rights owned, used or held for use in the business, as operated by Anlin Industries, a California corporation. The acquisition was announced on September 2, 2021 and is expected to close in the fourth quarter of 2021. PGT innovations also intends to use the proceeds of the notes offering to redeem in full $425 million in aggregate principal amount of PGT Innovations’ 6.750% senior notes due 2026, plus accrued and unpaid interest thereon, to repay the entire $54 million outstanding amount under its existing term loan credit facility and to pay fees and expenses related to the offering.
PGT Innovations is a national leader in premium windows and doors, including impact-resistant products and products designed to unify indoor/outdoor living spaces.
The Davis Polk capital markets team included partner Shane Tintle and associates Arisa Akashi, Jonathan I. Stempel and Stephen H. Karp. The finance team included partner J.W. Perry and counsel Robert F. Smith. Partner Mario J. Verdolini and associate Benjamin Helfgott provided tax advice. Counsel Charles Shi provided ERISA advice. Associate Sijia Cai provided 1940 Act advice. All members of the Davis Polk team are based in the New York office.