A 17-page institutional deep-dive into Oregon Tool’s $1.1bn liability management exercise (LME). This report analyzes how Platinum Equity bypassed the 5th Circuit’s "Serta Ruling" using a pioneering "Extend-and-Exchange" framework. Supplemented by private insights from individuals familiar with the transaction, this case study breaks down the blending of uptiering, dropdowns, and double-dip structures to raise $156mm in new liquidity.
For this piece, we supplemented public filings with additional insight from individuals familiar with the transaction. These conversations provided valuable context on the structuring and rationale behind Oregon Tool’s LME, helping clarify aspects that have not yet been fully detailed in public reporting.
