Masonite International Corporation, headquartered in Mississauga, Ontario, and its wholly owned subsidiary, Premdor U.S. Holdings, Inc., completed an amendment and restatement of its US$700 million senior secured credit facility with a syndicate of North American and international financial institutions led by Atlanta-based SunTrust Bank. The deal closed on July 31, 2002. The amended and restated credit facility allowed Masonite to prepay in full the principal and interest on its subordinated long-term debt of approximately US$125 million for US$105 million. This subordinated long-term debt had been incurred in connection with the acquisition of Masonite Corporation in August 2001.
Masonite was represented by Davies Ward Phillips & Vineberg LLP, with a team composed of Mitchell Finkelstein, Gillian Stacey, Mindy Gilbert and Melissa Abramowitz in Toronto, Sébastien Thériault in Montreal and Mark Connelly, Denis Frawley and Charles Malone in New York. SunTrust Bank and the other lenders were represented by Paul, Hastings, Janofsky & Walker LLP in Atlanta, with a team composed of Chris Molen, J. Craig Lee and Virginia McGuffey.