Springs Window Fashions starts roadshow for $470 million eight-year notes backing merger

By Paul A. Harris

Portland, Ore., May 15 - Springs Window Fashions began a roadshow on Wednesday for a $470 million offering of eight-year senior secured notes (expected ratings B2/B/), according to a market source.

The deal is expected to price on Tuesday.

J.P. Morgan Securities LLC and BofA Merrill Lynch are the joint bookrunners. KeyBanc Capital Markets is the co-manager.

The Rule 144A and Regulation S for life notes become callable in three years at par plus 75% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

Proceeds will be used to fund the acquisition of Springs Industries by Golden Gate Capital.

The issuing entity will be special purpose vehicle SIWF Merger Sub, Inc.

Springs Window Fashions is a Middleton, Wis.-based manufacturer and distributor of window coverings.

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