Nashville, Tenn.-based Envision Healthcare completed a debt exchange transaction to deleverage its existing debt and reduce its interest expense obligations.
The company exchanged $724 million in a pair of senior notes and floating rate private placement notes that represented 41 percent of its outstanding total notes and private placement notes. In exchange, the company took out $395 million in First Lien Senior Secured Term Loans that mature in 2025.
Envision said the move will help the company "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."
Envision is owned by private equity firm KKR & Co., which paid $5.57 billion for the company and acquired its debt for a total purchase price of $9.9 billion.