The hosts discuss the Sertissimens transaction, in which lenders agreed to amend credit agreements, allowing the company to incur super priority debt, effectively subordinating minority lenders and giving second lean lenders additional leverage.
In this week's episode, Peter Washkowitz discusses how more and more companies are replicating Serta Simmons' super-priority uptier exchange and how lenders can fight back on these transactions in new bank debt facilities.
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