ATI Physical Therapy completed its transaction support agreement to increase the company’s liquidity and financial flexibility.
As announced in March, the transactions completed in the TSA will enable ATI to obtain a $25 million delayed draw facility in the form of new second-lien PIK exchangeable notes and exchange $100 million of first-lien term loan into new second lien PIK exchangeable notes, among other things.
“We are pleased to complete this important step toward strengthening our balance sheet, a key component of ATI’s continued transformation,” said Sharon Vitti, Chief Executive Officer. “The TSA reflects months’ of constructive engagement with our largest shareholders, underscores their confidence in the significant value creation opportunities ahead for ATI, and we believe fuels our return to growth.” Read more.
