LifeScan Global refinancing and amendment to credit facilities

Davis Polk advised an ad hoc group of term lenders in connection with the refinancing and amendment of term loans of LifeScan Global Corporation under LifeScan’s approximately $1 billion first-lien term loan credit facility and $275 million second-lien term loan credit facility. In connection with the transaction, holders of first-lien and second-lien term loans exchanged into new first-lien and second-lien credit facilities with extended maturities. The transaction also included, among other things, a $50 million deleveraging equity investment by LifeScan’s sponsor, Platinum Equity, a maturity extension of LifeScan’s revolving credit facility, a consent fee, rate increases, and other material enhanced credit protections and reporting requirements under the new first-lien and second-lien credit facilities.

LifeScan is a medical device manufacturer focused on the glucose management and diabetes market. For more than 40 years, LifeScan has advanced glucose management and diabetes care with pioneering technologies and new products defined by simplicity, accuracy and trust. More than 20 million people and their caregivers around the world count on LifeScan’s OneTouch brand products to manage their diabetes.

The Davis Polk restructuring team included partner Damian S. Schaible, counsel Jon Finelli and associates Michael Pera, Eric Hwang, Ethan Stern and Audrey Youn. The finance team included partner Nick Benham and associates Claudia Herron and Duan Xu. The tax team included counsel Leslie J. Altus and associate Yixuan Long. Members of the Davis Polk team are based in the New York and London offices.