Cabinetworks Group announced the successful closing of multiple financing transactions that provide approximately $100 million of additional liquidity while extending existing debt maturities with support from the vast majority of the company’s creditors.
The refinancing transactions were completed by affiliate ACProducts Holdings and included participation from approximately 98% of lenders under the company’s existing senior secured term loan facility and holders representing approximately 96% of its unsecured notes due 2029.
Under the agreement, participating creditors funded approximately $100 million of new senior secured first lien first-out term loans while existing term loans were exchanged into second-out term loans due in November 2031. Existing unsecured notes due 2029 are also being exchanged into new senior secured notes due 2032 through a private exchange process scheduled to close on May 18, 2026.
The company stated that the transactions significantly strengthen its liquidity position and provide additional financial flexibility to support long-term growth initiatives and ongoing business operations.
Cabinetworks said proceeds from the financing transactions were used to pay accrued interest, transaction-related fees, and expenses, with the remaining capital retained on the balance sheet to enhance liquidity.
The refinancing also included amendments and restatements to the company’s existing asset-based loan facility.
According to the company, holders of existing unsecured notes who do not participate in the exchange may face reduced liquidity and market value in the remaining securities following the transaction.
Cabinetworks Group is one of the largest privately held cabinet manufacturers in the United States, operating 16 manufacturing facilities and supporting more than 5,200 employees across 20 locations. Its portfolio includes brands such as KraftMaid, Medallion, Merillat, and Smart Cabinetry.
Milbank and Houlihan Lokey advised Cabinetworks Group on the transaction, while multiple law firms and financial advisors represented participating lenders and noteholders.
KEY QUOTES:
“We are extremely pleased with the success of our debt refinancing and the strong support for the transactions from our debt investor base.”
“By successfully extending debt maturities, and with the additional liquidity these transactions provide, we move forward with the flexibility to focus on our core businesses, execute on our long-term growth strategy and continue to support our partners and customers.”
Larry France, Chief Financial Officer, Cabinetworks Group
