Better Health Group in the first post-Serta decision liability management “uptiering” transaction that significantly enhanced the company’s liquidity and resulted in a meaningful reduction of the company’s total debt. The transactions included a $112.5 million new money investment into a super senior debt tranche and an uptier exchange of 97% of the company’s first lien term loans into super senior debt tranches, capturing over $38 million in debt discount. The transactions also extended the maturities of the company’s debt, including the company’s $105 million revolving credit facility.
Apex Tool Group, LLC, one of the largest global manufacturers of hand tools and power tools, in a liability management transaction that significantly reduced the company’s total debt, decreased its go-forward interests costs, and provided for additional liquidity and financial flexibility. The transactions included a $125 million new money investment into a super senior debt tranche and an uptier exchange of 92% of the company’s first lien term loans and 93% of the company’s second lien term loans into a combination of second-out and third-out super senior debt tranches that captured $191 million in debt discount.
A private equity sponsor on its majority investment in a cross-border joint venture to build-out fiber-to-the-home networks.
NexCore, a commercial HVAC service platform backed by Trinity Hunt Partners, in its acquisition of Kennedy Mechanical and Ryan Plumbing & Heating, leading providers of commercial HVAC, plumbing, and fire protection services.
SCF Partners in its financing of its acquisition of Flowchem, Val-Tex and Sealweld from Entegris Inc.
