MIWD Holding Company LLC Completes Debut $500 Million High-Yield Senior Notes Offering and Term Loan Repricing
01.19.22
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The Firm represented MIWD Holding Company LLC (“MIWD”) in connection with the debut high-yield offering of $500 million aggregate principal amount of 5.5% Senior Notes due 2030 by its subsidiaries. The Firm also represented MIWD in connection with an amendment to its existing term loan facility that, among other things, reduced the interest rate margin on its outstanding term loans. MIWD used the net proceeds from the senior notes offering, together with cash on hand, to (i) repay $279 million aggregate principal amount of term loans under its term loan facility and (ii) fund a distribution to MIWD to redeem $200 million in face value of certain of its preferred units, plus any make-whole premiums.
MIWD is a fenestration products manufacturer that owns and operates three brands – MI Windows and Doors, Milgard Windows & Doors, and Sunrise Windows & Doors. MIWD is one of the nation's largest suppliers of precision-built and energy-efficient windows and doors. With more than 10 manufacturing plants located throughout the United States, MIWD brands offer stylish, high-performance, and market-preferred products for both new construction and replacement applications.
The Simpson Thacher team included Hui Lin, Ben Massey and Rachel Lerman (Capital Markets); Jennifer Hobbs, Robyn Cho and Gabriel King (Credit); Anthony Vernace and Alexandra David (Corporate); Michael Mann and Kris Liu (Tax); Pasco Struhs (Executive Compensation and Employee Benefits); Jeanne Annarumma (ERISA); and Genevieve Dorment (IP and Data Privacy).