Ardagh
Apollo lent €790 million to a financing vehicle outside the secured group, which on-lent €755 million into Ardagh to redeem notes, with a lien over equity outside the collateral and an option for further exchanges. The book's leading hunter-gatherer example.
Discussed in Liability Management Exercises: Law and Practice at ¶¶ 2.91, 10.55, 18.16, 18.41, 18.67, 18.69–18.80, 18.82–18.93.