Package carrier OnTrac has finalized an out-of-court exchange offer and a new money raise with its existing lenders, according to 9fin sources.

An ad-hoc group of first lien lenders will provide the Virginia-based company with $300m of new first out debt, sources said. A certain portion of first lien lenders will swap into a new second out debt at 75 cents on the dollar, while a selection of second lien lenders will swap into new third out debt at a 70c exchange rate, they added.

OnTrac’s $700m and $675m first lien term loans due 2028 are both currently indicated at 46.6 cents on the dollar. Meanwhile, quotes on the company’s $205m and $255m second lien loans due 2029 dipped 4.3% to 16.5 cents on 15 November, according to 9fin data.

OnTrac, formerly known as LaserShip, is backed by private equity firms American Securities and Greenbriar Equity Group.

American Securities declined to comment. Greenbriar and OnTrac did not respond to requests for comment.