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Moody's Investors Service downgraded all of the ratings of NCI Building Systems, Inc. ("NCI") to B2 from Ba3 and has taken these ratings off review for downgrade where they were placed on July 18, 2018. In the same rating action, Moody's assigned a B2 to Ply Gem Midco, Inc.'s ("Ply Gem") proposed $665 million incremental first lien term loan facility due 2025, confirmed all ratings of Ply Gem, including its B2 Corporate Family Rating, and has taken the company's ratings off review for upgrade.
Moody's Investors Service placed all of the ratings of NCI Building Systems, Inc. ("NCI"), whose Corporate Family Rating is Ba3, on review for downgrade following the company's announcement that it was merging with Ply Gem Parent, LLC ("Ply Gem"), whose ratings, including a Corporate Family Rating of B2, were issued under the name Pisces Midco, Inc. At the same time, Moody's is also placing all of the ratings of Pisces Midco on review for upgrade. The review will focus on the combined companies' ability to quickly delever what will become a heavily indebted balance sheet and to handle the integration risks of what will in effect be the combination of three companies into one, since Ply Gem itself combined with Atrium Windows & Doors only a few months ago.
CARY, N.C., May 14, 2018 /PRNewswire/ -- Underscoring its commitment to innovation, Ply Gem® (NYSE: PGEM), the leading North American building products manufacturer, introduces the recently enhanced SolarDefense Reflective Technology™ used to boost siding performance. Available exclusively on select vinyl siding lines from Mastic by Ply Gem, the industry leader in siding color science, SolarDefense provides superior protection from the sun's harmful UV rays, while increasing curb appeal. This vinyl protection technology is an advancement to the existing patent-pending formulation that shields the darkest vinyl siding colors from the sun with advanced light-reflecting properties and a strong heat-resistant base layer.