Moody's assigns B2 to Springs Window loans

Moody's Investors Service said it assigned ratings to SWF Holdings I Corp. (Springs Window) including a B3 corporate family rating and a B3-PD probability of default rating.

Concurrently, Moody's assigned a B2 rating to the company's proposed senior secured first-lien credit facility, consisting of a $125 million first-lien revolver due 2026 and a $1.625 billion first-lien term loan due 2028.

The outlook is stable.

Proceeds from the proposed $1.625 billion first-lien term loan, new $1.26 billion common equity contribution by Clearlake Capital Group, LP, along with additional unsecured financing will fund Clearleake's $3.4 billion leveraged buyout of Springs, including repayment of the company's existing debt, and to pay related fees and expenses.

Concurrently with the transaction, the company will also enter into a new $150 million asset-based lending revolving facility due 2026 (unrated) and a new $125 million first-lien revolving facility due 2026, and the company expects both facilities will be undrawn at close.

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