San Francisco-based skin care company Rodan&Fields LLC (R+F) has entered into definitive agreements with most of its lenders to recapitalize its capital structure through a series of transactions, including extending maturities and a higher priority security position for participating lenders that are contributing new money. These transactions are in effect as the company has also received an amendment to facilitate the changes. Additionally, R+F has launched an offer to purchase its term loan on the open market from nonconsenting lenders at a 27.5% discount to par and receive equity interests. This will increase to 32.5% discount to par with no equity interest or consent fee after the early consent date of April 17. We consider these transactions to
