The Firm represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with the debut Rule 144A/Regulation S offering (the “Offering”) by MasterBrand, Inc. (“MasterBrand”) of $700 million aggregate principal amount of 7.000% Senior Notes due 2032. The Firm also represented JPMorgan Chase Bank, N.A., as administrative agent, in the amendment and restatement of MasterBrand’s existing credit agreement to upsize the commitments under its revolving credit facility from $500 million to $750 million.
MasterBrand intends to use the net proceeds from the Offering, together with borrowings under its new revolving credit facility and cash on hand, to fund the previously announced acquisition of Supreme Cabinetry Brands, Inc. (“Supreme”), refinance the Company’s existing revolving credit facility and Term Loan A credit facility, and pay fees and expenses associated with the refinancing of the existing credit agreement, the issuance and proceeds of the Notes and the acquisition of Supreme.
MasterBrand is the largest manufacturer of residential cabinets in North America and offers a comprehensive portfolio of leading residential cabinetry products for the kitchen, bathroom and other parts of the home.
The Simpson Thacher team included Dave Azarkh, John O’Connell, Evan Zuckerman, J. Carr Gamble and Christina Park (Capital Markets); Bill Sheehan, Leah Tendler, Dennis Durkin and Aaron Gurley (Credit); Michael Mann (Tax); Michael Isby (Environmental); Pasco Struhs (Executive Compensation and Employee Benefits); Ron Ben-Yehuda, Paige Brinton and Courtney Welshimer (Intellectual Property); and Andrew Pagliughi (Blue Sky). Michael Ratay, Emily Anne Owen and In Young Kim, and Summer Associate Tristan Henriques, provided valuable assistance.