- Language: English
- Published: June 2012
Recovery Report: Springs Window Fashions LLC's Recovery Rating Profile
- Published: May 2011
- Standard & Poors
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 rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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Springs Window Fashions LLC