Platinum-Backed Aventiv to Tap Pricey Debt for Lender Takeover

Prison phone company Aventiv Technologies is seeking to place expensive debt to help finance a takeover by existing lenders from private equity firm Platinum Equity, according to people with knowledge of the matter.

• Aventiv disclosed details of a restructuring plan that calls for a debt-for-equity swap and lenders providing $360 million in bridge financing, according to a statement Wednesday
• The loan is being priced at 1,000 basis points over SOFR, said the people, who asked not to be identified discussing a private matter
• Its more-than $1 billion term loan slumped in response to the debt restructuring
  • The loan was ...