Envision Healthcare closed the second and final phase of the refinancing transaction that initially closed on July 22, 2022. All lenders under Envision Healthcare’s 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’s secured lenders have elected to participate.
Participating lenders were able to provide their pro rata share of the $300 million new money “first out” tranche under the facility, convert certain of their term loans into the “second out” tranche at 17% discount to par, and convert the remainder of their term loans into the “third out” tranche at par. After the second and final phase of the refinancing transaction, Envision Healthcare’s first lien term loan facility consists of a $300 million “first out” tranche, an approximately $2.2 billion “second out” tranche, an approximately $1 billion “third out” tranche, and an approximately $153 million “fourth out” tranche. Read more.
