Rinchem, a chemical logistics and services group backed by Stonepeak Partners, is seeking to complete a distressed debt exchange to help finance its acquisition of Dupré Logistics, according to a report by Bloomberg citing people familiar with the matter.
The transaction will be supported by around $100m of new capital from existing lenders, while up to $300m of existing debt will be exchanged into new loans with maturities extended to 2031. The new money will be provided through a first-out term loan, with remaining debt reorganised into second- and third-out tranches.
Members of the creditor group can exchange approximately $200m of debt into the new second-out facility at 89 cents on the dollar, while lenders outside the group are being asked to swap at 62 cents or accept a cash payment at 55 cents, capped at $15m. Only participating lenders will be eligible to contribute to the new-money financing.
The proposed restructuring reportedly has the support of all revolving credit lenders and around 69% of term-loan holders.
