Envision Healthcare (the “Company” or “Envision”) announced today the completion of debt exchange transactions previously announced to the Company’s lenders on April 3, 2020. Pursuant to the transactions, Envision has exchanged approximately $724 million in total of both the 8.750% Senior Notes due 2026 (the “Notes”) and 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 of the Company.
The exchange transactions represent a de-leveraging of Envision’s existing debt and reduction of its interest expense obligations, which will better enable the Company to continue its operations in the fight against COVID-19, as well as to protect its long-term ability to care for patients and communities once the crisis has passed.
Since the start of the COVID-19 pandemic, Envision has been answering the nation’s call for patient care, engaging with hospital partners across the country to help address the urgent need for emergency care in a number of highly impacted areas. Envision’s quick actions have included deploying clinicians to hard-hit areas, including New York area hospitals, reassigning clinicians with crucial skills within and across hospitals and health systems to better match current needs, providing backup to emergency departments and intensive care units, accelerating the deployment of a virtual health platform to sites across the United States, introducing support measures for quarantined clinicians and those whose ability to work has been impacted, and supplying necessary personal protective equipment to areas of greatest need among its providers and hospitals. Envision takes pride in its role on the front lines of the COVID-19 pandemic and is committed to helping patients and communities emerge on the other side of the unprecedented crisis.
Source: Yahoo
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.