Simpson Thacher represented MITER Brands (“MITER”) in connection with a new $1,654.2 million senior secured incremental term loan facility (the “Term Loan”) and a Rule 144A/Regulation S offering of $700 million aggregate principal amount of 6.750% senior secured notes due 2032 (the “Offering”). Simpson Thacher also represented MITER in connection with an amendment to an existing senior secured asset-based revolving credit facility to provide for new revolving commitments in an aggregate principal amount of $325.0 million.
MITER used the borrowings under the Term Loan, together with the net proceeds from the Offering, proceeds from an equity investment and cash on hand, to consummate MITER’s previously announced acquisition of PGT Innovations, Inc.
MITER is a leading residential window and door manufacturer that produces a portfolio of window and door brands for new construction and replacement segments and a nationwide supplier of precision-built and energy-efficient products with more than 10 manufacturing facilities throughout the United States.
PGT Innovations manufactures and supplies premium windows, doors, and garage doors. Through its brands, PGT Innovations is also the nation’s largest manufacturer of impact-resistant windows and doors and holds the leadership position in its primary market.
The Simpson Thacher team includes Brian Steinhardt, Kyle Nelson, Chun Sun Baak and Elizabeth Greene (Credit); Hui Lin, Jieun Lim, Neil Patel, Jessica Ryan, Ha Jin Park, Mark Marzziotti, Erin Camia and Julie Ledermann (Capital Markets); Michael Mann and Kris Liu (Tax); Pasco Struhs (Executive Compensation and Employee Benefits); Jeanne Annarumma (ERISA); Courtney Welshimer, Rachelle Broida and Eliza Holland (IP); Timothy Mulvihill (Environmental); Leah Malone, Emily Holland and Angela Yu (ESG); and Jonathan Pall (UCC).