A 21-page institutional deep-dive into Quest’s $3.6bn liability management exercise (LME). This report provides an overview of Quest and its corporate history, and explores how the company’s strategic pivot to a SaaS model created short-term liquidity pressure that abruptly collided with over $3.5bn of LBO debt. We’ll also cover recent trends in uptier transactions and liability management before diving deep into the details of Quest’s May 2025 uptier transaction.
We’ll also provide an overview of the August 2025 debt exchange and end with a recovery analysis across the five-tranche post-transaction structure and detail Clearlake’s sponsor subordination that ultimately pushed the deal through.
