Hunter gatherer provision

1/ 3rd party and company enter into a bilateral agreement governing the exchange (at the 3rd party's right/discretion), of ABC Bonds into New Bonds, which will be issued at a premium (110% of what third party paid for ABC Bonds in open market)

2/ third party goes out there and buys ("gathers") these ABC bonds. The "hunting" I believe portrays the idea of hunting as many possible bonds from an existing dispersed bondholder population.

3/ 3rd party, now the bondholders, elects to do the exchange based on the agreement from point 1, so it surrenders the ABC Bonds to the Company, and the Company issues them New Bonds / Loan / whatever, at an unrestricted subsidiary at 110% (you paid $100 for the bonds, so no you get to hold a New Bond with $110 in principal without having to advance any funds as it's technically an exchange)

the New Bonds / New Loan is made at an unrestricted subsidiary, given that a new facility is being created and the existing creditors from the restricted group would not agree having new debt added in the credit group 

what the company achieves, with 3rd party's support, is (1) restructuring/cutting its debt without engaging in out of court restructuring/prevents a default as it removes that debt agreement (no more Event of Default), and (2) deals directly with a single creditor instead of having to reach out/coordinate with many creditors, which adds complexity/lawyers/etc., so overall it's much cheaper 

the docs were also a bit old, now might be harder to pull this given stronger anti-LME provisions in ICA/indentures, albeit you could have this provision added in credit docs, noting that the 3 steps above would be carried if your credit docs does not have such provision