On May 19, 2023, LifeScan Global Corp. exchanged its $1.04 billion outstanding first-lien term loan due October 2024 for a new first-lien term loan due December 2026 (to be rated at a later date), its $275 million second-lien term loan due October 2025 for a new second-lien term loan due March 2027 (to be rated at a later date), and its $125 million super-priority revolving credit facility due July 2024 for a new super-priority revolving credit facility due September 2026 (to be rated at a later date). We view the second-lien exchange as a distressed exchange, and tantamount to a default, due to the realistic probability of a conventional default in the absence of the transaction, as well as our
