In April, two LMEs crossed the finish line and two more progressed with announced transactions, while another 13 companies hit milestones that typically precede an LME, according to 9fin data. We break down each of these situations and the evolving co-op dynamics shaping the pre-LME pipeline below.
LMEs at or near the finish line
9fin tracked two LMEs that closed in April. Perforce Software, a SaaS computer programming company backed by Clearlake and Francisco Partners, finalized a partial-uptier deal with a group of its junior lenders to exchange existing debt for new, more senior notes that push out maturities to 2031.
Following a long-running dispute stemming from a failed 2024 discounted exchange offer and subsequent contested sponsor equity injection, Worldstrides reached a settlement with its lenders alongside a broader restructuring. Per the settlement terms, as reported by 9fin, 100% of subordinated holdco lenders exchanged their debt into new second lien notes in a structural upgrade from holdco to opco level at 42-43 cents on the dollar. The lenders will also benefit from 5% of any future sale of the company. Worldstrides also negotiated with first lien lendersto extend the maturity of their senior secured debt from...
