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A debt-to-equity swap solves one problem and creates another.
(NYSE: SST) consummated its comprehensive debt exchange on July 23, 2026, converting participating lenders under its existing credit facility into holders of 39,250 shares of newly designated Series A Cumulative Convertible Preferred Stock.
The transaction retires a credit facility overhang but installs that same creditor group as a new equity layer with governance rights attached.
The preferred terms The Certificate of Designation, filed with the Delaware Secretary of State on July 23, sets each preferred share at an initial stated value of $1,022.05.
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