Springs Window Fashions Completes New Capital Infusion to Support Growth

Posted December 19, 2024

Substantially increased liquidity allows Springs to capitalize on future market recovery and accelerate growth through operational initiatives

 

MIDDLETON, WI – Decemeber 19, 2024 – Springs Window Fashions, a provider of custom window coverings, today announced the closing of a capital raise and refinancing of a portion of its outstanding debt. As part of this transaction, Springs Window Fashions entered into a new first-out term loan facility and revolving credit facility providing substantial liquidity, a new second-out term loan facility to refinance substantially all of its outstanding term loan and a new second lien notes instrument in exchange for a portion of its outstanding senior notes. In addition, Springs Window Fashions extended the maturity of certain of its debt instruments, including its ABL facility, thereby moving its nearest maturities from 2026 to 2028.

 

“We are very pleased with the completion of this transaction, which offers greater flexibility to advance our long-term growth objectives and deliver on our value creation plan,” said Jason Bingham, President and CEO of Springs Window Fashions. “We greatly value the continued support from our investors and lenders, which underscores their trust in our strategic direction.”

 

“Springs Window Fashions is a scaled player in the residential housing and commercial building ecosystems, with a proven track record of durability,” said José E. Feliciano, Co-Founder and Managing Partner, and Colin Leonard, Partner and Managing Director, at Clearlake. “We believe that this new capital infusion will enable the company to continue to enhance its investments and accelerate growth. We look forward to continuing our collaboration with Jason and the Springs team.”

 

Springs’ vision is “Inspiring Spaces, Brilliantly Simple.” That vision is supported by clear strategies and priorities. This transaction can enable Springs Window Fashions to further deliver on its commitment to providing an unparalleled experience across all aspects of the business.

 

Kirkland & Ellis LLP and Centerview Partners LLC served as legal and financial advisors to Springs Window Fashions. Wachtell, Lipton, Rosen & Katz and Houlihan Lokey served as legal and financial advisors to certain lenders and investors, Davis Polk & Wardwell LLP and Perella Weinberg Partners served as legal and financial advisors to certain other lenders and investors, and Latham & Watkins LLP served as legal advisor to the administrative agent and certain other lenders.

 

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Jenna Bush | 212.284.9936 | jbush@mower.com