Direct lenders including Blackstone Inc and KKR & Co Inc are set to take control of struggling US dental services provider Affordable Care after agreeing a restructuring that will reduce the company’s debt burden by roughly 70%, according to a report by Bloomberg citing unnamed people familiar with the matter. Under the proposed deal, lenders in the $1.4bn private credit structure will exchange their positions for a mix of instruments including a pro-rata share of a $225m first-lien second-out term loan, $200 in mpayment-in-kind notes, and full ownership of the reorganised equity. Lower-ranking creditors, including existing equity and preferred shareholders, are expected to be wiped out entirely.
Read the full article: Blackstone and KKR to Assume Control of Dental Group Affordable Care //
Source: https://www.privateequitywire.co.uk/blackstone-and-kkr-to-assume-control-of-dental-group-affordable-care/