AMERICAS DISTRESS DAILY: LifeScan to Hand Control to Lenders

LifeScan Global Corp. is finalizing terms of a restructuring support agreement that would turn control of the glucose-monitor maker to second-lien creditors. Platinum would retain about a 5% stake under the latest restructuring proposal.

• LifeScan would launch a roughly $100 million offer to repurchase a first-lien term loan at around 85 cents on the dollar.
• There would also be a new first-lien loan, with pricing being pitched at 5.5 percentage points above the Secured Overnight Financing Rate and carrying a 2% annual amortization.

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