Brookfield Business Partners has agreed to subordinate around $675m of its debt in CDK Global as part of a proposed liability management transaction designed to extend the software provider’s debt maturities, according to a report by Bloomberg.
Under the agreement with a group of creditors, Brookfield would exchange its existing debt holdings for lower-ranking securities, with interest paid in kind rather than in cash. The structure would allow CDK to preserve liquidity while reducing near-term...
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