据知情人士透露，由Capital Group支持的Springs Window Fashions正准备与贷款方进行重组谈判，以充实现金储备。
Capital Group-backed Springs Window Fashions is gearing up for restructuring talks with lenders as it looks to build up cash reserves, according to people familiar with the situation.
这些人士表示，这家百叶窗和遮阳帘供应商计划在未来几周内向部分贷款方提交一份解决方案，以启动保密谈判。由于讨论的是私密事项，这些人士要求匿名。他们补充说，该方案预计将围绕其新增资金需求以及削减债务负担展开。部分人士称，该公司希望达成庭外协商一致的协议。
In the coming weeks, the supplier of window blinds and shades is preparing to present a workout proposal to certain lenders to kick off confidential talks, said the people, who asked not to be identified discussing a private matter. The plan is expected to revolve around its new money needs as well as cutting its debt load, they added. The company wants to execute a consensual deal out of court, according to some of the people.
部分人士表示，受房地产市场低迷和产品需求下降的冲击，Springs Window的盈利连续下滑，导致其多笔贷款价格跌至自2021年被私有化以来的最低纪录。但公司管理层表示，随着Springs Window实施提价和削减成本，盈利将在未来几个季度迎来拐点。
Hit by a sluggish housing market and falling demand for its products, Springs Window has posted a string of earnings declines, some of the people said, dragging down multiple loans to record lows since being taken private in 2021. But the company’s management has indicated that earnings is set to hit an inflection point in the coming quarters as Springs Window implements price increases and cost cutting.
知情人士称，一个由Diameter Capital Partners、Redwood Capital、Caspian Capital、Anchorage Capital和Centerbridge Partners组成的多数贷款方团体正在与Evercore Inc.和Paul Weiss Rifkind Wharton & Garrison合作。另有知情人士称，一个少数贷款方团体已聘请Hogan Lovells Cadwalader。
A majority group of lenders — comprising Diameter Capital Partners, Redwood Capital, Caspian Capital, Anchorage Capital and Centerbridge Partners — is working with Evercore Inc. and Paul Weiss Rifkind Wharton & Garrison, the people said. Meanwhile, a minority group of lenders have tapped Hogan Lovells Cadwalader, according to other people.
部分人士表示，Springs Window的顾问为Centerview Partners和Simpson Thacher & Bartlett。
Springs Window is being advised by Centerview Partners and Simpson Thacher & Bartlett, said some people.
Springs Window、Clearlake、Diameter、Anchorage和Centerview的代表均拒绝置评。发给Redwood、Caspian、Centerbridge、Evercore、Paul Weiss、Hogan和Simpson的置评请求未获回复。
Representatives with Springs Window, Clearlake, Diameter, Anchorage and Centerview declined to comment. Messages left with Redwood, Caspian, Centerbridge, Evercore, Paul Weiss, Hogan and Simpson were not returned.
根据彭博汇编的数据，Springs Window拥有数十亿美元债务，其中包括一笔2028年到期的15亿美元定期贷款，目前报价为面值的38美分。
Springs Window has billions of dollars in debt, including a $1.5 billion term loan due in 2028 quoted at 38 cents on the dollar, according to data compiled by Bloomberg.
据知情人士透露，近几周，该贷款的部分份额是在所谓的“大佬信”安排下交易的。在这种安排下，交易双方同意继续进行交易，同时承认一方可能掌握重大非公开信息。
In recent weeks, blocks of the loan were traded under what’s known as a “big boy letter,” said other people familiar with the matter. Under such an arrangement, the parties agree to proceed with transactions while acknowledging one side may have access to material non-public information.
标普全球评级本月将该公司评级从CCC+下调至CCC，列举了一系列压力点，包括债务上升和巨额现金流赤字。该评级机构测算，截至7月4日，杠杆率已升至息税折旧摊销前利润（EBITDA）的25倍。
S&P Global Ratings downgraded the company to CCC from CCC+ this month, outlining a slew of pressure points that include rising debt and a substantial cash flow deficit. The credit grader calculated leverage rose to 25 times earnings before interest, taxes, depreciation and amortization as of July 4.
“除非出现不可预见的积极进展，否则我们预计该公司将因近期债务重组、流动性危机或资不抵债而违约，”该评级机构在10月14日的报告中写道。
“Absent unforeseen positive developments, we anticipate the company will default due to a near-term debt restructuring, liquidity crisis, or insolvency,” the rater wrote in a Oct. 14 note.
总部位于威斯康星州米德尔顿的该公司，作为Clearlake 2021年杠杆收购的一部分，承担了大量债务。彭博此前报道，2024年，该公司执行了一项交易，将其债务拆分为不同层级。作为所谓的债务管理操作的一部分，贷款文件包含限制非按比例交易的契约，意味着所有债权人都可以参与。
The Middleton, Wisconsin-based company took on substantial debt as part of Clearlake’s 2021 leveraged buyout. In 2024, the company executed a deal that carved up its debt into different tiers, Bloomberg previously reported. As part of the so-called liability management exercise, the loan documents included covenants that restrict non-rata deals, meaning all creditors can participate.