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Employbridge nets 100% participation in fully pro rata LME made possible by ‘Mitel-like’ docs

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Employbridge nets 100% participation in fully pro rata LME made possible by ‘Mitel-like’ docs

Max Frumes's avatar
Rachel Butt's avatar
  1. Max Frumes
  2. +Rachel Butt
•2 min read

The industrial temp staffing company EmployBridge is closing a deal with lenders to manage its liabilities and raise new money with consent of holders of 100% of its term loan debt, according to sources.

The company came to an agreement with an ad hoc group of lenders advised by Gibson Dunn and Lazard this week, offering all lenders pro rata participation in a $325m new money super priority term loan along with an exchange into of their existing term loan debt at 94.5 ahead of non-participants into an exchange term loan with an 18-month maturity extension at same rate as current debt with tightened documents.

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