Oaktree-Backed STG Cuts Debt Deal That Upends Creditor Ranks (1)

Private Equity-backed STG Logistics reached a deal with a group of lenders that overhauls its debt stack and allows them to jump ahead of peers in the repayment priority line, according to people with knowledge of the matter.

The deal, part of a $300 million debt and equity financing package the company announced late Thursday, calls for a below-par exchange in which creditors can swap into a mix of senior and junior-ranking paper. Those that negotiated the transaction will receive a larger chunk of the higher-ranking obligations, the people said. That includes Antares Capital, which also serves as the ...