Accendra Health, Inc., a leading publicly traded nationwide provider of products, technology and services that support health beyond the hospital, in a comprehensive refinancing transaction that included (i) exchange offers for its outstanding 2029 and 2030 unsecured senior notes, (ii) the issuance of $326.25 million in new-money first lien notes to refinance its term loan A facility and (iii) the establishment of a new $300 million revolving credit facility replacing its existing $450 million revolving credit facility. The transaction and associated exchanges captured discount, and the exchange offers had participation from approximately 99.9% and 99.2% of the aggregate principal amount of 2029 notes and 2030 notes outstanding at the launch of the exchange offers and the new revolving credit facility had participation from 100% of existing revolving facility lenders.
QVC Group, Inc. and its debtor affiliates (QVC) in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. QVC is a leading global live shopping and video commerce company, operating a portfolio of highly recognized brands, including QVC, HSN and Cornerstone. QVC commenced Chapter 11 to implement a comprehensive balance sheet restructuring transaction designed to reduce over $5 billion of its more than $8 billion in total liabilities and position the business for long-term growth. The transaction is supported by a broad consensus across the company’s key stakeholders and is anchored by a comprehensive intercompany settlement that simplifies a complex organizational structure, resolves intercompany claims and facilitates a value-maximizing restructuring. The cases are expected to result in a significantly deleveraged capital structure and enhanced financial flexibility to support QVC continued digital and omnichannel evolution.
Medical Solutions, one of the nation’s leading healthcare workforce solutions partners, in a drop-down financing and exchange transaction designed to strengthen the company’s financial foundation and support its long-term growth strategy. The comprehensive transactions included a $125 million new money component, extended maturities across Medical Solution’s capital structure, exchanged nearly $1.4 billion of existing debt, and resulted in approximately $200 million of discount capture.
Quest Software, a global leader in data management, identity security, and platform modernization, in a drop-down and double-dip financing that included a $350 million new term loan, $380 million revolving credit facility, exchanges of approximately $3.5 billion of existing debt, and resulted in over $200 million of discount capture.
RSA, a cybersecurity and fraud prevention technology company on an uptier and new money transaction that substantially de-levered RSA’s balance sheet and strengthened its liquidity position, capturing a record-breaking $456 million in aggregate debt discount — equal to approximately 33% of RSA’s total pre-transaction debt — in addition to raising $135 million in new money financing.
National Resilience, a leading a North American contract development and manufacturing organization (CDMO), in a comprehensive out-of-court restructuring of certain lease obligations and a corresponding capital raise of $825 million of new money from Oak Hill Advisors and its co-investors. The comprehensive transactions provide National Resilience with capital to pay down existing debt and fund capital expenditures to build out manufacturing capabilities to support its diverse customer base.
Team, Inc. (NYSE: TISI) in the private placement of preferred stock and warrants to affiliates of Stellex Capital Management LLC for up to $105 million of proceeds.
Team, Inc. (NYSE: TISI), a global provider of integrated, digitally enabled asset performance assurance and optimization solutions, in a refinancing of certain debt under its existing first lien asset based revolving credit facility and first lien term loan facility with new $225 million first lien and refinanced $107 million second lien term loan facilities.
