Appears that the EQT-led acquisition of Nestle skin health will lead to additional wheeling and dealing: Second-lien loans will offer EQT more flexibility than high- yield bonds as second-lien paper doesn’t come with non-call periods making it far easier to repay the debt. That could be helpful if EQT decides to pursue a divestment strategy on the Skin Health unit, which has two main businesses — medical and consumer. While the medical business, which includes prescriptions and aesthetics under the Galderma brand, are seen as a good fit for private equity, the consumer business that includes the Cetaphil and Proactiv brands has been seen as better suited to rival industry players and could therefore be sold off. https://uk.reuters.com/article/banks-line-up-sfr5bn-loans-to-back-nestl/banks-line-up-sfr5bn-loans-to-back-nestle-skin-health-buy-idUKL5N22S4TF For added color, see this recent Reuters article: https://www.sharenet.co.za/news/Nestle_makeover_advances_with_10_bln_sale_of_skin_health_unit/0a592621c488bb223279f74bcdaa469b "EQT focuses on quality businesses. We have a lot of good ideas how to develop Nestle Skin Health into a pearl and then make our return," EQT partner and co-head of private equity Marcus Brennecke told Reuters. "We will strengthen Galderma's board with relevant industrial expertise to develop each of the three business units to their full potential. A couple of prescription drugs are theoretical blockbusters with large business opportunities," he said.