Lenders Demand $100 Million Payout After CommScope’s Asset Sale
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Some lenders to CommScope Holding Co. are demanding an immediate repayment of their loans and more than $100 million of additional payout after the company sold its key asset. The legal counsel Glenn Agre Bergman & Fuentes sent a letter last month requesting the payment, arguing the sale triggered an event of default under the terms governing its debt, according to people familiar with the matter, who asked not to be identified discussing a private matter. That would force the company to redeem the loan at par and also provide a so-called make-whole premium, they said.