{"id":46988,"date":"2022-08-05T16:01:45","date_gmt":"2022-08-05T14:01:45","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/envision-healthcare-announces-closing-of-second-and-final-phase-of-refinancing-transaction\/"},"modified":"2022-08-05T16:01:45","modified_gmt":"2022-08-05T14:01:45","slug":"envision-healthcare-announces-closing-of-second-and-final-phase-of-refinancing-transaction","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/envision-healthcare-announces-closing-of-second-and-final-phase-of-refinancing-transaction\/","title":{"rendered":"Envision Healthcare Announces Closing of Second and Final Phase of Refinancing Transaction"},"content":{"rendered":"
\n

NASHVILLE, Tenn.–(BUSINESS WIRE)–Envision Healthcare, a leading national medical group, today announced that it closed the second and final phase of the refinancing transaction that initially closed on July 22, 2022. All lenders under Envision Healthcare\u2019s first lien term loan facility were provided the opportunity to participate in the transaction, with lenders holding approximately 96% of the outstanding principal balance under the facility participating. In combination with the new senior secured first and second lien financing transaction in April, over 97% of Envision\u2019s secured lenders have elected to participate in support of the Company.\n<\/p>\n

<\/a><\/p>\n

\nParticipating lenders were able to provide their pro rata share of the $300 million new money \u201cfirst out\u201d tranche under the facility, convert certain of their term loans into the \u201csecond out\u201d tranche at 17% discount to par, and convert the remainder of their term loans into the \u201cthird out\u201d tranche at par. After the second and final phase of the refinancing transaction, Envision Healthcare\u2019s first lien term loan facility consists of a $300 million \u201cfirst out\u201d tranche, an approximately $2.2 billion \u201csecond out” tranche, an approximately $1.0 billion \u201cthird out\u201d tranche, and an approximately $153 million \u201cfourth out\u201d tranche.\n<\/p>\n

\n\u201cThe overwhelming participation of Envision Healthcare\u2019s existing term loan lenders in the transaction represents continued support of our business and provides us with financial flexibility and growth opportunities,\u201d said Jim Rechtin, Chief Executive Officer of Envision Healthcare. \u201cWith that flexibility, we will continue investing in our clinical teams and the care they deliver.\u201d\n<\/p>\n

\nThe second and final phase of the transaction extended the maturities on all participating term loan debt through March 2027 and reduced the existing term loan balance by approximately $450 million in principal amount. Envision Healthcare will continue to strengthen services for the millions of patients who count on Envision Healthcare, continuing to provide resources for clinicians and investing in the teams who support both during a period of uncertainty facing the healthcare industry.\n<\/p>\n

\nEnvision Healthcare is a leading national medical group serving hospitals and healthcare systems in specialties such as anesthesiology, emergency medicine, hospital medicine, radiology, surgery and women\u2019s and children\u2019s care. It also operates more than 250 ambulatory surgery centers across 34 states through its AMSURG business. The 25,000 clinicians with Envision Healthcare deliver care to more than 30 million patients every year.\n<\/p>\n

\nThe organization\u2019s investment banker is PJT Partners LP, its financial advisor is Alvarez & Marsal LLC and its legal advisor is Kirkland & Ellis LLP.\n<\/p>\n

Contacts<\/b> <\/p>\n

\nInvestor Relations:<\/b>
Jason Charpentier
\n
SVP, Treasury
\n
InvestorRelations@envisionhealth.com<\/a>\n<\/p>\n

\nMedia Relations:<\/b>
Amanda Demarest
\n
Sr. Director, Corporate Communication
\n
media@envisionhealth.com<\/a>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

NASHVILLE, Tenn.–(BUSINESS WIRE)–Envision Healthcare, a leading national medical group, today announced that it closed the second and final phase of the refinancing transaction that initially closed on July 22, 2022. 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