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Oct 16, 11:48 PM
Sound Inpatient Physicians is close to securing a
$1 billion refinancing deal with existing lenders, including Monarch Alternative Capital and PGIM, according to Bloomberg. The transaction is expected to close next week and will extend the company’s debt maturity by five years, with interest rates set at approximately six percentage points above the benchmark rate.
The company turned to a private refinancing after failing to attract sufficient investor demand for a syndicated loan in June. Barclays had led the original syndicated financing process and was expected to relaunch the loan later after reassessing market conditions. The proceeds will be used to refinance existing debt following the company’s 2024 debt restructuring.
During that restructuring, PGIM, Monarch and other lenders provided more than
$100 million in new capital and reduced Sound Inpatient Physicians’ debt by approximately
$200 million.
$BCS
