Jacuzzi Brands Cuts Debt Through Recap

Jacuzzi Brands said Tuesday that it recapitalized and reduced its debt by about $124 million. As part of the deal, Ares Management, Apollo Global Management and Clearlake Capital Group converted debt to purchase additional equity. Also, Ares converted an additional $25 million of debt into a new subordinated mezzanine loan. Jacuzzi makes and distributes bath and plumbing products.

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