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DO NOT DISTRIBUTE IN PART OR IN WHOLE
Corporate Credit > U.S. High Yield
PlyGem Industries Inc. Updated: September 9, 2015
Trade Idea:
o Buy PlyGem 6.5% Senior ... Unsecured Notes due 2/1/2022
Investment Rationale:
o PlyGem offers compelling relative value trading at 6.6% yield / +484 OAS.
PlyGem trades wide to the index but should tighten ... strong with expected growth in the high single digits over
the next 18 months. PlyGem will benefit from improved volumes and better pricing power resulting in an improving credit