Springs Window Fashions reveals credit facility price talk with launch

By Sara Rosenberg

New York, April 29 - Springs Window Fashions LLC came out with price talk on its credit facility as the deal was launched with a bank meeting on Friday, according to sources.

The $300 million six-year first-lien term loan (B1/B) is being talked at Libor plus 400 basis points to 425 bps with a 1.5% Libor floor and an original issue discount of 99, and the $125 million seven-year second-lien term loan (Caa1/CCC+) is being talked at Libor plus 775 bps to 800 bps with a 1.5% to 1.75% floor and a discount of 981/2, sources said.

Also, the first-lien term loan has 101 soft call protection for one year and the second-lien loan has call protection of 103 in year one, 102 in year two and 101 in year three.

The company's $475 million credit facility includes a $50 million five-year revolver (B1/B) as well.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt and fund a dividend.

Springs Window Fashions is a manufacturer of blinds, shades and drapery hardware.

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