Moody's assigns Caa2 to Springs notes

Moody's Investors Service said it assigned a Caa2 rating to SWF Holdings I Corp.'s (Springs Window) expected $625 million of senior unsecured notes due 2029.

“The Caa2 rating on the proposed senior unsecured notes reflects the notes effective subordination to the company's senior secured credit facilities, which include a $150 million asset-based lending revolver due 2026, a $125 million first-lien revolver due 2026 and a $1.625 billion first-lien term loan due 2028,” the agency said in a press release. The facilities are rated B2.

The note proceeds along with the recently rated credit facilities and new common equity contribution from Clearlake Capital Group, LP will fund Clearlake's leveraged buyout Springs. The transaction is valued at $3.4 billion, including the repayment of Springs' debt.

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