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
NAV facilities for private equity fund clients
Subscription and hybrid facilities for private equity fund clients
Private equity sponsored limited partner and general partner loan programs.
General and limited partner lines of credit
At Home Group Inc., a leading home décor and furniture retailer in a liability management transaction that significantly enhanced the company’s liquidity and de-levered its balance sheet. The transactions included an uptier exchange of approximately 90% of its existing $500 million of senior unsecured bonds into new secured high yield bonds with a two year PIK option at a 10% discount to par, resulting in cash interest savings of approximately $71 million. Participating holders also provided their pro rata share of $200 million secured new money high yield bonds that were issued through an unprecedented “double-dip” structure that effectively allowed such creditors two claims for par recovery on the same collateral (i.e. in a 50 cent recovery for secured creditors, these lenders would receive 100 cents), greatly reducing the cost of the new money.
