Cabinetworks Group Announces Closing of Private Notes Exchange

NEW YORK, May 20, 2026 /PRNewswire/ -- Cabinetworks Group, one of the largest U.S. manufacturers of cabinets serving the repair & remodel and new construction end-markets, announced today that its affiliate ACProducts Holdings Inc. (the "Company") successfully closed a private notes exchange (the "Private Notes Exchange") and an exchange of all remaining term loans under the Company's existing senior secured term loan facility due in May 2028 for additional senior secured first lien second-out term loans due in November 2031 (the "Subsequent Term Loan Exchange"). Holders of approximately 99% of its existing unsecured notes due 2029 (the "Existing Notes") agreed to exchange, on a cashless basis, all of their Existing Notes currently outstanding into senior secured notes due 2032 (the "Third Out Notes").

The Private Notes Exchange and the Subsequent Term Loan Exchange are part of a larger series of financing transactions, announced on May 8, 2026, in which the Cabinetworks Group secured approximately $100 million of additional liquidity and extended existing maturities, supported by the vast majority of its creditors. 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 [email protected]. 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.

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.

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.

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SOURCE Cabinetworks Group