NASHVILLE, Tenn. – Envision Healthcare, a leading national medical group, today announced that it 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 in support of the Company.

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 $1.0 billion “third out” tranche, and an approximately $153 million “fourth out” tranche.

“The overwhelming participation of Envision Healthcare’s existing term loan lenders in the transaction represents continued support of our business and provides us with financial flexibility and growth opportunities,” said Jim Rechtin, Chief Executive Officer of Envision Healthcare. “With that flexibility, we will continue investing in our clinical teams and the care they deliver.”

The second and final phase of the transaction extended the maturities on all participating term loan debt through March 2027 and reduced the existing term loan balance by approximately $450 million in principal amount. Envision Healthcare will continue to strengthen services for the millions of patients who count on Envision Healthcare, continuing to provide resources for clinicians and investing in the teams who support both during a period of uncertainty facing the healthcare industry.

Envision Healthcare is a leading national medical group serving hospitals and healthcare systems in specialties such as anesthesiology, emergency medicine, hospital medicine, radiology, surgery and women’s and children’s care. It also operates more than 250 ambulatory surgery centers across 34 states through its AMSURG business. The 25,000 clinicians with Envision Healthcare deliver care to more than 30 million patients every year.

The organization’s investment banker is PJT Partners LP, its financial advisor is Alvarez & Marsal LLC and its legal advisor is Kirkland & Ellis LLP.

Investor Relations Contact:
Jason Charpentier
SVP, Treasury

Media Relations Contact:
Amanda Demarest
Sr. Director, Corporate Communication