Envision Healthcare Corporation Completes Exchange Offers of $724 Million of Notes into $395 Million of New Term Loans
05.01.20
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Simpson Thacher represented Envision Healthcare Corporation in connection with its recently completed offers to exchange approximately $724 million in total of its 8.75% Senior Notes due 2026 (the “Notes”) and its Floating Rate Private Placement Notes due 2026 (the “Private Placement Notes”), representing approximately 41% of the total Notes and Private Placement Notes outstanding, for approximately $395 million aggregate principal amount of new first lien senior secured term loans maturing 2025. The exchange offer expired on April 30, 2020.
Envision is a leading provider of physician-led services and post-acute care and ambulatory surgery services. Envision delivers physician services, primarily in the areas of emergency department and hospitalist services, anesthesiology services, radiology/tele-radiology services, and children’s services to more than 1,800 clinical departments in healthcare facilities in 45 states and the District of Columbia.
The Simpson Thacher team for the transaction included Richard Fenyes, Lisa Zhang and Christine Turner (Capital Markets); Arman Naraghi-Pour and Callie Robins (Credit); and Marcy Geller, Jonathan Cantor, Sophie Staples and Edward Grais (Tax).