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If advisors to the sponsor community wanted to send a clear message as to whether or not they would be cowed by the Fifth Circuit’s Serta Simmons decision into slowing the liability management train or at least offering minority lender better economics — it can’t get any more crystal than the change in tack in Better Health.

The Kinderhook Industries-backed primary care service provider is set to close the initial phase of an LME with holders of 85% of its first lien term loan — the Davis Polk and Houlihan Lokey ad hoc group as well as the most prominent non-ad hoc group lenders including another group represented by Glenn Agre — on effectively the exact same terms as they had structured before the Serta decision, but with a different structure, according to sources familiar.