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CI Capital Partners, a New York private equity firm, has secured $700 million in new financing for its residential siding manufacturer and portfolio company Ply Gem Industries.
Credit Suisse and UBS are serving as co-arrangers on the new senior five-year secured debt package issued by the Cary, N.C.-based company, which announced the financing's pricing last Tuesday. In addition, CI Capital, formerly known as Caxton-Iseman Capital, is also investing an additional $30 million of equity in Ply Gem, boosting its total investment to more than $200 million in Ply Gem, say sources with knowledge of the deal.
Officials at CI Capital declined to comment on the new financing.
A $1.3 billion revenue company that sells vinyl siding, windows, patio doors, fencing, rails and deck products for remodeling and home repair markets along with residential construction, Ply Gem reported a net loss of $21.8 million in the first quarter of 2008 compared with a loss of $10.9 million a year earlier.
The new financing arrangement gives the company additional breathing room,...