ConvaTec Healthcare B S.a.r.l. has announced intentions to file an initial public offering (IPO). We anticipate the company will use proceeds from the IPO to repay approximately $900 million in paid-in-kind (PIK) notes and pay off its Euro-denominated term loan B, U.S.-dollar-denominated term loan B, and unsecured notes, which will lead to a meaningful improvement in its credit measures. We also expect the company to convert its preferred equity certificates (PECs) to common equity Pro forma for the IPO, we expect the capital structure to consist of a $200 million senior secured revolver, $1.125 billion in new Euro/USD senior secured term loan A, and a $585 million of U.S.-dollar-denominated senior secured term loan B; all of this debt will be
