EFTA Document EFTA01378342

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. High Yield Ply Gem Industries Inc. Updated: September 9, 2015 Trade Idea: o Buy Ply Gem 6.5% Senior Unsecured Notes due 2/1/2022 Investment Rationale: o Ply Gem offers compelling relative value trading at 6.6% yield / +484 OAS. Ply Gem trades wide to the index but should tighten as management executes on business strategy of improved manufacturing efficiencies, cost controls and higher margins. Industry tai