The numbers came back showing the begrudging participation in Apex Tool Group's coercive exchange offer: ultimately, 91% of first lien lenders participated by the initial deadline — including more than two-thirds of those who had been left out of the better terms provided to an ad hoc group.

While more lenders may be looped in with the deadline extended through today, and there may still be opposition from the few excluded lenders left, the participation level in what 9fin has reported as a “pre-distressed” liability management exercise is sending a message to other private equity sponsors.