Benchmark prior transactions, bonds, loans or company profiles using over 300 credit metrics.

Comparables

AI transcripts & instant analysis, making earnings season easier than ever.

Earnings

A full suite of ESG data and analysis. Built for your workflow

Spot undervalued credits and potential future restructurings with our purpose-built tools.

Distressed and Restructuring

We use AI to aggregate newsflow from 2,000 sources, and deliver it to your inbox quicker than anyone else.

News

Full Financial profiles with 3 statements, KPIs, segment splits & credit metrics. All traced to source documents.

Financials

New deal analysis and covenant comparison tools, understand key risks in seconds not days.

Covenants

We've successfully predicted more than 65 price sensitive events - before they happened.

Deal predictions

Say goodbye to CTRL + F with our powerful search. Thousands of documents text searchable for any keyword or phrase.

Search

Track high yield deals from issuance through to maturity, with integrated legal, credit and ESG analysis.

High Yield Bonds

Shine a light on private markets with 9fin's news and legal analysis of syndicated loans

Leveraged Loans

21st century tech and expert analysis to help CLO teams make informed decisions faster.

Structured Credit 

Find information others can't see in one of the fastest growing corners of finance

Private Credit 

Max Frumes

Bill Weisbrod

Platinum Equity-backed Cabinetworks’ term loan debt is being quoted down three points, while bonds have traded at all-time lows today after the cabinet maker reported weaker second quarter results, according to sources and trade data.

The company’s $550m worth of 6.375% notes due 2029 traded today between 48 and 49, according to TRACE data, down 8 points compared with previous round lot trades earlier this month. According to sources, Platinum itself owns a portion of those junior bonds.

The company’s $1.4bn term loan is being quoted in a 74-76 context in what sources say is a real market down three points compared with quotes before the company reported its second quarter results this week.

The company reported revenue of $475m for the second quarter ended 30 June, down 11% compared with the same period year prior, and adjusted EBITDA of $65m, a 22% drop over that time, according to sources. Cash at the end of the quarter came to just $80,000, according to a source, leaving the company reliant on its revolving credit facility, on which it was not clear how much was still available.

Lenders to the company had discussed organizing last year, according to a source, but the loan rallied through the end of the year, before a string of poor results, closures and management changes.

Platinum and Cabinetworks did not respond to requests for comment by press time.

The company replaced its former CEO John Barkhouse with Jeff Jackson in June of this year, according to a company announcement. Then the company announced 23 July it had created a new chief revenue officer role, hiring Todd Antonelli, and then hired Mike Wothe as its new COO effective 29 July. The previous COO Chris Winans’ LinkedIn says he was only full-time through March of last year, and has been retired since. This summer, the company also announced it would close its manufacturing facilities in Marshall and Jefferson, Texas, bringing its facility count down to 16.

Our customers receive this content ahead of the crowd — find out more about what we do for structured credit.

🍪 Our Cookies

Cabinetworks debt declines following Q2 results

Read all our public content for free

Recently Published

Sign up to 9fin's Webinar — Where is the direct lending market today?

9Questions — Cathy Bevan, Alcentra — CLO equity emerging as an alternative to PE funds

9Questions — Nanda Kamat, RBC — Financing tomorrow’s infrastructure, today

Loan investors hold the line against co-op bans — for now

What are you waiting for?