Rodan & Fields Plans Restructuring Deal Handing Lenders Control

TPG-backed skincare company Rodan & Fields is in talks to hand control of the company to creditors and receive fresh cash, according to people with knowledge of the situation.

The company is in discussions to receive a new $75 million second-lien term loan and swap existing debt for new, longer-dated obligations as part of a deal that would also rework the creditor payout pecking order, said the people, who asked not to be identified discussing a private matter.

Lenders who provide the new loan will receive best terms on the debt exchange, followed by those who consent to the ...