IPC Systems entered into a transaction support agreement with its key stakeholders that will reduce the company’s debt by more than $400 million, extend its debt maturity schedule by five years and provide new capital of $125 million to deliver resources for investment in long-term growth strategies.
Evercore named Celeste Mellet Brown its next CFO, effective Sept. 1. As CFO, Mellet Brown will be responsible for Evercore’s financial, tax, internal audit, information technology, investor relations, communications and real estate functions. She will succeed Robert B. Walsh.
JPMorgan’s strategic situations division led a $30 million revolving credit facility and a new $370 million first lien term loan for Healogics, a provider of wound care. Healogics also secured $240 million in equity investments.
The California Public Utilities Commission unanimously voted to approve Frontier Communications’ emergence from Chapter 11. Having already received all other required state and federal approvals, Frontier Communications expects to emerge from Chapter 11 in the coming weeks.
Annaly Capital Management entered into a definitive agreement to sell its commercial real estate business to Slate Asset Management, a global investment and asset management firm focused on real estate. The transaction is valued at $2.33.
Houlihan Lokey Capital and Wells Fargo Securities are serving as financial advisors to AmeriHome in the company’s sale to Western Alliance Bank.
Sycamore Partners, KKR, Blackstone Credit and other first lien term lenders delivered $225 million in new capital for Belk in the company’s restructuring support agreement.
Morgan Stanley Senior Funding led debt financing to support the close of E.W. Scripps Company’s acquisition of ION Media Networks. In addition, BofA Securities, Truist Securities, J.P. Morgan and Wells Fargo acted as joint book runners on the debt financing.
Atlantic Park Capital Fund provided a $250 million senior secured term loan and Citibank provided a $150 million asset-based loan to TEAM, a provider of integrated, digitally-enabled performance solutions, to refinance the company’s existing debt facilities.
Alvarez & Marsal served as restructuring advisor to Superior Energy Services in the company’s financial restructuring and commencement of its Chapter 11 case. Superior serves drilling, completion and production-related needs of oil and gas companies.