New York, June 03, 2016 -- Acelity L.P. (B3 stable), a maker of wound care and regenerative medicine products, announced plans to amend and extend $2.2 billion of senior secured term loan debt. Moody's commented that the proposed transaction is modestly credit positive for Acelity by alleviating some near-term refinancing risk. However, refinancing risk is still a key credit constraint because the term loans, despite the maturity being extended to 2020, will still be subject to springing maturities if the second lien and unsecured notes are not refinanced. If not refinanced, the term loans will mature at a date prior to the existing 10.5% second lien notes, which are due November 1, 2018 and the 12.5% unsecured notes, due November 1, 2019. Further, the majority of Acelity's existing $200 million revolver expires in November 2017 and will need to be refinanced over the next 12 months.

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