Tue 02/14/2023 06:11 AM
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Do GenesisCare’s Documents Allow For a Serta-Style Uptiering Transaction That Allows New Debt to Prime Existing Lenders?

In light of GenesisCare’s weak performance in the U.S., Oaktree reportedly offered the company around a $700 million loan to be backed solely by GenesisCare’s healthy Australian and European businesses. We first analyzed, back in November 2022, the possibility of a dropdown transaction under GenesisCare’s documents.

Rather unsurprisingly, certain GenesisCare lenders are...
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