...- San Francisco-based skincare company Rodan & Fields LLC (R+F) did not make the amortization and interest payments due on its super priority second- and third-out term loans at the end of June. The company did make the payments due on its super priority first-out revolver. - However, on July 11, 2024, R+F entered into a transaction support agreement (TSA) that includes a forbearance agreement under its existing super priority credit facilities, including the revolver, under which its existing lenders agreed to forbear with regards to the company's failure to pay the amortization and interest payments, failure to comply with its financial covenants, failure to deliver audited financials, and failure to meet any related notice requirements or cross defaults until the support period expires on the closing date of the debt recapitalization transaction. - The TSA contemplates that R+F will recapitalize its capital structure through a series of proposed transactions, including extending its...
