We advised an ad hoc group of lenders on the transaction

Davis Polk advised an ad hoc group of lenders in connection with the capital raise and refinancing of Springs Window Fashions (“Springs”). As part of this transaction, Springs entered into a new first-out term loan facility and revolving credit facility providing substantial liquidity, a new second-out term loan facility to refinance substantially all of its outstanding term loan and a new second-lien notes instrument in exchange for a portion of its outstanding senior notes. In addition, Springs extended the maturity of certain of its debt instruments, including its ABL facility, thereby moving its nearest maturities from 2026 to 2028.

Springs Window Fashions is a leading global manufacturer for shades, blinds, awnings, shutters and other window coverings. For over 130 years since its founding, Springs has grown to become one of the largest custom manufacturers of residential and commercial window treatments in the world. Springs employs over 8,000 employees worldwide, with manufacturing plants in the United States, Mexico and Poland.

The Davis Polk restructuring and finance team included partners Damian S. Schaible and Adam L. Shpeen, counsel Jon Finelli, Stephen D. Piraino and Brian Hecht and associates Timothy H. Oyen, Helen (Muhan) Zhang, Katarzyna (Kate) M. Fine, Luke F. Porcari, Jonathan (Zhenyang) He and Trevor D. Jones. Partner Corey M. Goodman and associates Charles (David) Collier and Omar Hersi provided tax advice. All members of the Davis Polk team are based in the New York office.

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