Cabinetworks Group Announces Closing of $100 Million New Money Financing, Refinancing, Extension of Maturities

By: Cabinetworks Group via Business Wire

May 08, 2026 at 19:20 PM EDT

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Cabinetworks Group, one of the largest U.S. manufacturers of cabinets serving the repair & remodel and new construction end-markets, announced today the successful closing of financing transactions, including securing approximately $100 million of additional liquidity and extending existing maturities, supported by the vast majority of its creditors.

Cabinetworks Group’s affiliate ACProducts Holdings Inc. (the “Company”) entered into a series of financing transactions (the “Financing Transactions”) with approximately 98% of lenders (the “Supporting Lenders”) under the Company’s existing senior secured term loan facility (the “Existing Credit Agreement” and the term loans thereunder, the “Existing Term Loans”), with holders of approximately 96% (the “Committed Noteholders” and together with the Supporting Lenders, the “Supporting Creditors”) of the outstanding principal amount of the Company’s existing unsecured notes due 2029 (the “Existing Notes”) and with all the lenders under the Company’s existing asset-based loan facility (the “Existing ABL”).

Pursuant to the Financing Transactions, the Supporting Creditors funded new money senior secured first lien first-out term loans in an aggregate principal amount equal to approximately $100 million, plus certain transaction premiums payable in kind (the “First Out Term Loans”) and exchanged their Existing Term Loans into senior secured first lien second-out term loans due in November 2031 in an aggregate principal amount equal to an amount sufficient to facilitate the refinancing of over 98% of their Existing Term Loans (the “Second Out Term Loans” and, together with the First Out Term Loans, the “First Out Credit Facilities”). The Supporting Creditors also provided their consent to amend the Existing Credit Agreement.

In addition, pursuant to the Financing Transactions, the Committed Noteholders agreed to exchange, on a cashless basis, all of their Existing Notes currently outstanding into senior secured notes due 2032 (the “Third Out Notes”) pursuant to the private notes exchange (the “Private Notes Exchange”) and consent to the amendment of the Existing Notes and the related supplemental indenture (the “Existing Notes Supplemental Indenture”). The Private Notes Exchanges are scheduled to close on May 18, 2026.

Also as part of the Financing Transactions, with respect to the Existing ABL, the Supporting Creditors provided their consent to amend and restate the Existing ABL.

“We are extremely pleased with the success of our debt refinancing and the strong support for the transactions from our debt investor base,” said Larry France, CFO of Cabinetworks Group. “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.”

The proceeds of the Financing Transactions were used to fund the payment of accrued and unpaid interest and pay transaction fees and expenses. The remaining proceeds will remain on balance sheet and enhance the Company’s liquidity position.

Private Notes Exchanges

Holders of the Existing Notes may participate in the Private Notes Exchange on the same terms offered to the Committed Noteholders on or before June 16, 2026. Holders who would like to receive more information about the terms of the Private Notes Exchange should contact the Company at ir@cabinetworksgroup.com. Subject in all respects to the Company’s determination and discretion, and in respect of its right to purchase Existing Notes through open market or privately negotiated transactions:

Additional Fungible Notes. Holders who contact Cabinetworks Group on or prior to May 26, 2026 may be eligible to receive Third Out Notes on May 29, 2026 (the “Additional Issuance Date”). The Company expects that Third Out Notes issued on the Additional Issuance Date will be fungible with the Third Out Notes issued on May 18, 2026 (the “Initial Issuance Date”).
Additional Non-Fungible Notes. Holders who contact Cabinetworks Group after May 26, 2026 may be eligible to receive Third Out Notes thereafter. However, Third Out Notes issued after May 29, 2026 may not be fungible with Third Out Notes issued on the Initial Issuance Date or the Additional Issuance Date.

As of the date of this press release, approximately 96% of Existing Notes are participating in the Private Notes Exchange. Due to the high levels of committed participation, holders of Existing Notes are cautioned that the Private Notes Exchange may have adverse effects on the liquidity and market price of Existing Notes that do not participate.

In addition, Existing Notes that do not participate in the Private Notes Exchange will remain outstanding and will be subject to the terms of the Existing Notes Supplemental Indenture, which we anticipate will be amended such that, among other things, substantially all restrictive covenants therein will be eliminated.

The Third Out Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any other securities laws, and the Third Out Notes cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws.

This press release is for informational purposes only. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state. Holders of the Existing Notes are encouraged to consult their own legal, financial and tax advisers regarding the Private Notes Exchange.

Exchange of Existing Term Loans

Lenders who would like to exchange their holdings in the Existing Term Loans for First Out Term Loans and would like to receive more information about the terms of such exchange should contact the Company at ir@cabinetworksgroup.com.

About Cabinetworks Group

As the largest privately held cabinetmaker in the United States, Cabinetworks Group is home to more than 5,200 team members; 20 locations, including 16 manufacturing facilities; and 13 brands — among them industry leaders KraftMaid®, Medallion®, Merillat® and Smart® Cabinetry. Through an expansive network of major home centers, independent dealers and distributors, Cabinetworks builds life into the kitchen — meeting any customer’s vision with the industry’s most comprehensive cabinetry. More information about the company, its products, and career opportunities can be found at cabinetworksgroup.com.

Cabinetworks Group was advised by Milbank LLP and Houlihan Lokey. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Evercore advised certain lenders under the Existing Term Loans, and Davis Polk & Wardwell LLP and Rothschild & Co. advised certain noteholders, while Cahill Gordon & Reindel LLP advised certain lenders under the Existing ABL.

Forward-Looking Statements

This press release contains statements that relate to future events and expectations and, as such, constitute “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are not historical facts, but only predictions and generally may be characterized by terminology such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any statements that address activities, events or developments that the Company intends, expects, projects, believes or anticipates will or may occur in the future.

Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those currently anticipated. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties, many of which will be important in determining the actual future results of the Company and their subsidiaries and affiliates. These statements are based on current expectations and the current economic environment, and involve a number of risks and uncertainties that are difficult to predict. Actual results could differ materially from those expressed or implied in the forward-looking statements. The forward-looking statements included in this press release are made only as of the date of this press release, and the Company does not undertake any obligation to publicly correct or update any forward-looking statement if the Company later becomes aware that such statement is not likely to be achieved.