SunTrust Starts PGT, Inc. (PGTI) at Neutral

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Moody's Assigns 'B2' CFR to PGT, Inc. (PGTI); Notes Limited Market Positioning

August 28, 2014 10:31 AM EDT

Moody's Investors Service assigned PGT, Inc. (Nasdaq: PGTI) a B2 Corporate Family Rating, B3-PD Probability of Default Rating, and B2 ratings to the company's proposed $200 million senior secured term loan and $35 million senior secured revolving credit facility (together "$235 million senior secured credit facility"). Concurrently, Moody's assigned a Speculative-Grade Liquidity ("SGL") rating of SGL-2 to PGT. The rating outlook is stable.

The proceeds from the $235 million senior secured credit facility are used to execute the acquisition of CGI, a manufacturer of impact-resistant windows and doors in the Florida's southeast markets and refinance... More