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Recovery Report: Springs Window Fashions LLC's Recovery Rating Profile Product Image

Recovery Report: Springs Window Fashions LLC's Recovery Rating Profile

  • Published: May 2011
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services has assigned issue-level and recovery ratings to Middleton, Wis.-based window-coverings manufacturer Springs Window Fashions LLC's proposed $370 million senior secured first-lien credit facilities and $125 million second-lien term loan. Proceeds from the proposed facilities will be used to refinance existing senior secured debt and to pay a dividend to investors. Our recovery analysis incorporates a simulated default scenario that contemplates a default occurring in 2015 caused by increased competitive pressures resulting in the loss of a major customer such as Home Depot or Lowe's as well as price deflation, higher promotional costs, and overall margin compression. Springs' pro forma debt structure will consist of a five-year $70 million first-lien revolving credit facility, a six-year $300...

Companies mentioned in this report are: Springs Window Fashions LLC

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit READ MORE >

Springs Window Fashions LLC

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