Ropes & Gray Represents Rodan + Fields in Uptier Exchange Resulting in Near-Unanimous Lender Participation

Ropes & Gray represented Rodan + Fields in securing consent from nearly all its lenders to the company’s non-pro-rata uptier debt exchange. With the help of Ropes & Gray, Rodan + Fields negotiated and launched a cutting-edge uptier debt exchange in April 2023 initially supported by 74% of the company’s lenders to address $800 million of secured debt. Upon closing the transaction just three weeks later with near-unanimous lender participation, Rodan & Fields reduced its debt burden by over $100 million, raised $30 million of new money senior secured capital, and extended the maturity of its existing loans by two years.

The team at Ropes & Gray was led by business restructuring partner Ryan Preston Dahl and business restructuring counsel Daniel Gwen and included capital solutions & private credit partners Leonard Klingbaum and Alyson Gal, private equity partners Michael Roh and Kate Withers, finance partners Michael Lee and Dan Coyne, and tax partners Leo Arnaboldi and Adam Greenwood