🍪 Our Cookies

This website uses cookies, pixel tags, and similar technologies (“Cookies”) for the purpose of enabling site operations and for performance, personalisation, and marketing purposes. We use our own Cookies and some from third parties. Only essential Cookies are used by default. By clicking “Accept All” you consent to the use of non-essential Cookies (i.e., functional, analytics, and marketing Cookies) and the related processing of personal data. You can manage your consent preferences by clicking Manage Preferences. You may withdraw a consent at any time by using the link “Cookie Preferences” in the footer of our website.

Our Privacy Notice is accessible here. To learn more about the use of Cookies on our website, please view our Cookie Notice.

Brightspeed creditors take haircut in exchange but write big new money check

Share

News and Analysis

Brightspeed creditors take haircut in exchange but write big new money check

Max Reyes's avatar
  1. Max Reyes
•4 min read

Creditors of Apollo-backed Brightspeed took a roughly 23% discount this week when they exchanged $4.82bn of existing debt into around $3.71bn of new debt.

The exchange involved the full participation of secured lenders who held the company’s $985m term loan A, $1.97bn term loan B, and $1.865bn senior secured notes, each due 2029. In return, those creditors received a $2.236bn first lien second-out term loan and $1.475bn first lien fourth-out.

Read all our public content for free

We won't spam. You can unsubscribe at any time.

What are you waiting for?

Try it out
  • We're trusted by the top 10 Investment Banks