...- LifeScan Global Corp. completed the exchange of its $1.04 billion outstanding first-lien term loan due October 2024 for a new first-lien term loan due December 2026, its $275 million second-lien term loan due October 2025 for a new second-lien term loan due March 2027, and its $125 million super-priority revolving credit facility due July 2024 for new super-priority revolving credit facilities due July 2025 and October 2026. - The transaction also included a $50 million equity contribution from private-equity sponsor Platinum Equity, which was used to pay down $37.5 million of first-lien debt and $12.5 million of outstanding borrowings under its revolving credit facility. - While the transaction reduces near-term refinancing risk, we believe LifeScan's capital structure remains unsustainable because of declines in its core blood glucose monitoring (BGM) business, uncertainty regarding its continuous glucose monitoring (CGM) product, and the high required debt amortization on its first-lien...
