Healthcare software company FinThrive’s debt refinancing announced this week includes below-par exchanges and sweeter terms for creditors who crafted the deal, according to people familiar with the situation.
The Clearlake Capital Group-backed firm’s revamped debt stack will include first-out, second-out, third-out and fourth-out term loans that reset the repayment pecking order, said the people, who asked not to be identified discussing a private deal. They added the $155 million of new money as part of the deal will rank the same as the first-out loan, and that Clearlake is subordinating its debt holdings into the fourth-out paper.
The ...
