TSL Express Daily News
The Secured Lender
SFNet's 80th Annual Convention Issue
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Top 5 Apps for Organizing
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The Importance of Stretching
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SFNet's 40 Under 40 Award Winners Panel Recap
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SFNet's Inaugural YoPro Leadership Summit
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It’s a Marathon, Not a Sprint
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It’s Not Too Late – Five Member Benefits to Cash In On Now
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It’s Time To Break Up With Your Phone
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Lien Management – What You Need to Know
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Potential Impacts of Blockchain on Commercial Lending
Jan 15, 2018By Raja Sengupta, Executive Vice President and General Manager, Wolters Kluwer’s Lien Solutions When it comes to the rising importance…
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How to be a Good Leader
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Fintech and Due Diligence – Disruptors and Established Firms Evolve
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A Commercial Banker’s Tickler Transition Plan
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Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
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Selecting a Technology Vendor: 3 Questions to Ask
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Why Back-Office Lending Automation Enhances Customer Satisfaction
Apr 25, 2017Every bank strives to keep its customers happy. Of course, some institutions are better at achieving this goal than…
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The Lost Art of the Loan Purchase
Mar 2, 2017Purchasing a loan directly from a bank whether at par or discount is a not-often-used technique that is easily…
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Audit Prep: Why a Paperless Approach Makes Sense
Feb 15, 2017How much time does your financial institution spend preparing for audits? We recently surveyed 187 community banks, and the results…
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Back Office Support Services: Helping you approve more clients
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
Jan 30, 2017Even when prepared by outside or in-house counsel, many lenders pay close attention to draft UCC financing statements before they…
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Paper Loan Files: Does Your Bank Know the True Cost?
Jan 12, 2017Sure, there’s a tangible cost associated with deploying an electronic loan imaging system. Software, support, and scanning hardware are just…
October 31, 2024
Source: Latham & Watkins
PL Developments (PLD), a leader in the development, manufacturing, packaging, and distribution of consumer healthcare products, has announced the successful completion of its offer to exchange US$350 million aggregate principal amount of its outstanding 7.750% senior secured notes due 2025 for new PIK toggle senior secured notes due 2029 in an aggregate principal amount of US$368.55 million. This strategic move was made possible through improved financial performance and a collaborative effort with key stakeholders. The completion of the exchange offer enhances the company's financial flexibility and positions it for continued growth and strategic investments. PLD has also obtained commitments from certain holders of its 7.750% senior secured notes due 2025 in connection with which PLD expects to issue additional PIK toggle senior secured notes due 2029 in an aggregate principal amount of US$131.45 million, subject to customary closing conditions. PLD intends to use the proceeds from this issuance of additional PIK toggle senior secured notes due 2029 to refinance in full outstanding 7.750% senior secured notes due 2025.
Further, in conjunction with the completion of the exchange offer, PLD and certain of its subsidiaries entered into an amendment to its asset-based lending credit agreement to, amongst other things, extend the maturity date thereunder to December 2027, subject to certain conditions.
Latham & Watkins LLP represented P&L Development, LLC and PLD Finance Corp., the co-issuers of the new notes, in the exchange offer with a capital markets team led by partners Andrew Baker, Global Chair of Latham’s Liability Management Practice, and partners Peter Sluka and David Hammerman, and counsel Gemma Mootoo Rajah, with associates Ian Lachow and Jie Lin Nai. Advice was provided on banking matters by partner Cindy Caillavet, with associates Will Martin and Andrew Angel; and on tax mattes by partners Bora Bozkurt and Aaron Bernstein, with associates Kathryn Harrington and Shiyi Parsons.