Simpson Thacher represented Goldman Sachs Bank USA as administrative agent and first lien revolving lender in connection with a debt exchange transaction for Sound Inpatient Physicians, Inc. (“Sound Physicians”), a leading provider of physician services and value-based care within the acute setting. Pursuant to the exchange, Sound Physician’s existing first lien revolving and term loans and second lien term loans were exchanged for new first lien debt. With the support of its existing lenders, the transaction provided Sound Physicians with $124 million of new capital, a material discount on certain of its pre-transaction indebtedness, and an extension of loan maturities until 2028.
Sound Physicians is a physician-founded and led multispecialty medical group, with more than 4,000 physicians, advanced practice providers, CRNAs, and nurses practicing community-based medicine in 400-plus hospitals across 45 states. With the additional capital, financial flexibility and runway, a strengthened and experienced leadership team, and the support of our financial partners, Sound Physicians expects to be an industry leader and to continue growing into the coming years.
The Simpson Thacher team included Sandy Qusba, David Zylberberg, Soogy Lee, Dov Gottlieb and Ian Kitts (Restructuring); Jonathan Pall (Collateral); and Courtney Welshimer (Intellectual Property).