Consumer goods company Thrasio entered into a restructuring support agreement with approximately 81% of its revolving credit facility lenders and approximately 88% of its term loan lenders that will eliminate approximately $495 million of the company’s existing debt.
Trinseo, a specialty material solutions provider, obtained $1.077 billion in aggregate principal amount of secured term loan financing arranged by Angelo, Gordon & Co and Oaktree Capital Management, with funds managed by Angelo Gordon, Oaktree and Apollo Global Management as lenders.
Blackstone completed the acquisition of a majority stake in Emerson’s climate technologies business in a transaction valuing the business at $14 billion. The new standalone business will be named Copeland.
SVB Financial Group, which is no longer affiliated with Silicon Valley Bank, filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York to preserve value.
Avaya Holdings, a provider of solutions to enhance and simplify communications and collaboration, entered into a restructuring support agreement with overwhelming support of more than 90% of the company’s secured lenders.
Serta Simmons Bedding, a global sleep company, is taking steps to strengthen its financial position as it continues to support long-term growth.
PTC signed a definitive agreement to acquire ServiceMax for approximately $1.46 billion in cash on a debt-free, cash-free basis from an entity majority owned by Silver Lake.
Dhanani Group closed financing totaling $500 million. Monarch Alternative Capital and its partners led the five-year secured bank loan facility.
Clearlake Capital Group completed its acquisition of Cornerstone OnDemand. J.P. Morgan, BofA Securities, Ares, Golub Capital, Antares Capital, Barclays, Blue Owl, BMO Capital Markets, BNP Paribas, Credit Suisse, Goldman Sachs and Jefferies provided debt financing for the transaction.
Riverbed Technology entered into a restructuring support agreement regarding the terms of a financial restructuring. Upon consummation of the recapitalization, a group of institutional investors led by Apollo Global Management will become the majority owners of the company.