Announcing a refinancing on the day your debt matures is an unusual move — and indeed, Lycra’s refinancing stretched some boundaries. But it’s also a great example of how not all drop-down transactions are the same.

For this week’s episode of Cloud 9fin, Bianca Boorer sat down with Brian Dearing to discuss Lycra’s last minute refi of its 2023 notes. The company’s innovative variation on the infamous drop-down mechanism provides food for thought on flexible liability management techniques.