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Platinum Equity-backed Oregon Tool inked an LME this week designed to get around the Serta Simmons ruling and other decisions that have forced sponsors and advisors to rethink how they structure liability management deals.

The Oregon Tool transaction disclosed 20 February followed a double dip structure, with an inter-company loan between a newly created subsidiary and an existing entity, according to 9fin sources.

Additionally, the transaction didn’t rely on the “open market purchase” exception to the pro rata sharing provision that the recent Serta Simmons ruling hinged on.