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Apax's One Call Said to Reach Deal With Holders on Debt Swap

  • Certain note owners signed on to get new PIK toggle notes
  • Workers’ comp firm also begins exchange offer for term loans
Updated on

One Call Corp., the workers’ comp service firm, clinched a deal to rework its debt and improve liquidity by offering sweeter terms on a note exchange.

The revised transaction, which has already been completed, was a smaller deal open to certain first- and second-lien creditors, people with knowledge of the matter said. The new PIK toggle notes consist entirely of first liens, the people said, asking not to be identified discussing a private matter. The company’s bonds jumped on news of the deal.