Simpson Thacher recently represented Polaris Intermediate Corp. (“Polaris”), an indirect parent of MultiPlan, Inc., in connection with Polaris’ private placement of $1.3 billion aggregate principal amount of 8.5%/9.25% Senior PIK Toggle Notes due 2022 (the “Notes”). Polaris shall use the net proceeds from the offering, together with cash on hand, to pay a dividend to Polaris’ parent.
MultiPlan, Inc. is the nation’s largest provider of transaction-based solutions that reduce medical costs. MultiPlan, Inc. provides a single gateway to a host of analytics- and network-based solutions for managing the financial risks associated with medical claims, as well as solutions that improve payment integrity by resolving waste, abuse and fraud before payments are made. Clients include large and mid-sized health plans, third party administrators, self-insured employers, HMOs and other entities that pay medical bills in the commercial healthcare, government, workers’ compensation and auto medical markets.
The Simpson Thacher team included William Brentani, Ryan Coombs, Kim de Glossop, Blake Meyer and Bob Zhao (Capital Markets); Alexis Orenstein and Sherry Shen (Corporate); CJ Murray (Tax); and Erin Murphy and Paul Barrus (Executive Compensation and Employee Benefits).