Direct lenders including Blackstone Inc and KKR & Co Inc are set to take control of struggling US dental services provider Affordable Care after agreeing a restructuring that will reduce the company’s debt burden by roughly 70%, according to a report by Bloomberg citing unnamed people familiar with the matter.
Under the proposed deal, lenders in the $1.4bn private credit structure will exchange their positions for a mix of instruments including a pro-rata share of a $225m first-lien second-o...
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