Perelman’s Vericast Seeks Fresh Debt Swap as Challenges Mount

Ronald Perelman’s Vericast Corp. is seeking lender approval to rework its debt load once again, buying itself more time as it battles deteriorating performance and rising costs.

The marketing firm has proposed swapping a chunk of its first-lien term loan into new second-lien notes, deferring certain loan payments until 2025 and exchanging part of a term loan due next year for longer-dated debt, according to S&P Global Ratings.

Vericast currently has a more than $1 billion loan due 2026. If completed, the transactions will leave the company with a roughly $842.5 million term loan due 2026, and around $274.4 ...