Reported 2 months ago
Tosca Services LLC, backed by Apax Partners, is currently in discussions with creditors to secure a new loan aimed at boosting the company's cash flow. The Atlanta-based company, known for producing reusable plastic crates, is exploring options to pay a portion of its interest in kind over a limited timeframe. The ongoing negotiations involve financial adviser Evercore Partners and a group of lenders backed by law firm Milbank LLP. Tosca's existing $606 million term loan, maturing in 2027, is undervalued in the market, and the company has faced rating downgrades due to cash flow issues and high leverage.
Source: YAHOO