Lenders to American Physician Partners have given the emergency medical staffing company more time to repay its overdue loans following the collapse of a refinancing deal last month, according to people with knowledge of the matter, Bloomberg reports.
The extension came after the company, jointly owned by its member physicians, management and Brown Brothers Harriman & Co., shelved a leveraged loan sale. The package was designed to replace financing that matured on Dec. 21.
American Physician sought to raise $520 million to cover its existing debt and fund planned acquisitions, but struggled to attract investors even after it made creditor-friendly changes to the terms and sweetened pricing.
American Physician had about $472 million due last month, according to a Dec. 13 note by S&P Global Ratings. Read more.
