General Atlantic, Canyon Take Stake in Struggling Dental Firm

Carestream Dental Inc. has obtained $525 million of financing in a debt restructuring that will see investors including General Atlantic’s credit arm and Canyon Partners take a stake in the struggling dental equipment company.

The new financing includes a $400 million term loan and $125 million of junior capital that was partly the result of second-lien lenders including Canyon converting debt into equity, according to people with knowledge of the matter, who asked not to be identified because details of the transaction are private.

Private equity firm Clayton, Dubilier & Rice, which acquired 75% of Carestream in 2017, ...