MasterBrand Enters New Credit Agreement

TL;DR

MasterBrand just signed a new credit deal, potentially unlocking cash for operations or growth.

AI Summary

On June 27, 2024, MasterBrand, Inc. entered into a material definitive agreement, specifically a credit agreement. This agreement creates a direct financial obligation for the registrant. The filing does not specify the exact dollar amount or terms of the credit agreement.

Why It Matters

This filing indicates MasterBrand, Inc. has secured new financing, which could impact its financial flexibility and future investments.

Risk Assessment

Risk Level: medium — Entering into new debt obligations can increase financial risk if not managed effectively.

Key Players & Entities

• MasterBrand, Inc. (company) — Registrant
• June 27, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share MBC New York Stock Exchan
• $700.0 million — ed private offering (the "Offering") of $700.0 million aggregate principal amount of 7.00% Sen
• $689.5 million — eeds from the Offering of approximately $689.5 million (after deducting fees, commissions and
• $750.0 million — Credit Agreement provides for a 5-year, $750.0 million revolving credit facility (the "Revolvi

Filing Documents

• ef20031782_8k.htm (8-K) — 49KB
• ef20031782_ex4-1.htm (EX-4.1) — 962KB
• ef20031782_ex10-1.htm (EX-10.1) — 860KB
• 0001140361-24-031587.txt ( ) — 2391KB
• mbc-20240627.xsd (EX-101.SCH) — 4KB
• mbc-20240627_lab.xml (EX-101.LAB) — 21KB
• mbc-20240627_pre.xml (EX-101.PRE) — 16KB
• ef20031782_8k_htm.xml (XML) — 4KB

01

Item 1.01. Entry into a Material Definitive Agreement. Senior Notes On June 27, 2024 (the "Closing Date"), MasterBrand, Inc. (the "Company") completed its previously announced private offering (the "Offering") of $700.0 million aggregate principal amount of 7.00% Senior Notes due 2032 (the "Notes"). The Notes were issued at par and the Company received net proceeds from the Offering of approximately $689.5 million (after deducting fees, commissions and certain expenses), which have been or will be used, together with borrowings under the Company's Revolving Credit Facility (as defined herein) and cash on hand, to fund the previously announced acquisition of Supreme Cabinetry Brands, Inc., refinance the Existing Credit Agreement (as defined herein) (including repaying all amounts outstanding under the existing term loan facility of the Existing Credit Agreement, including accrued and unpaid interest with respect to such amounts) and to pay all fees and expenses related to the foregoing transactions. The Notes are the Company's unsecured and unsubordinated debt obligations and will be guaranteed, on a senior unsecured basis, by each of the Company's existing and future subsidiaries that are borrowers under or guarantors of the A&R Credit Agreement (as defined herein) (the "Subsidiary Guarantors"). The Notes were issued under the Indenture, dated as of June 27, 2024 (the "Indenture"), by and among the Company, the Subsidiary Guarantors named therein and U.S. Bank Trust Company, National Association, as trustee. The Notes will mature on July 15, 2032. Interest on the Notes will accrue at a rate of 7.00% per annum and will be payable semi-annually in arrears on January 15 and July 15, beginning on January 15, 2025. The Company may redeem the Notes, in whole or in part, at any time and from time to time prior to July 15, 2027 at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium (as defined in the Indenture)

03

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 above is hereby incorporated by reference into this Item 2.03.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 4.1 Indenture, dated as of June 27, 2024, by and among the Company, the Subsidiary Guarantors named therein and U.S. Bank Trust Company, National Association, as trustee. 4.2 Form of 7.00% Senior Notes due 2032 (included in Exhibit 4.1). 10.1* Amended and Restated Credit Agreement, dated as of June 27, 2024, among the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). * Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish a copy of such schedules and exhibits, or any sections thereof, to the Securities and Exchange Commission upon request.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MASTERBRAND, INC. Date: June 27, 2024 By: /s/ R. David Banyard, Jr. Name: R. David Banyard, Jr. Title: Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR