debt
confidence high
sentiment positive
materiality 0.90
MultiPlan enters debt restructuring with ad hoc groups, extends maturities to 2029-2031
Claritev Corp
- Transaction Support Agreement signed with ad hoc groups holding 72% of secured notes, 89% unsecured, 94% convertible, 60% term loans.
- New $350M first-out first-lien revolver matures Dec 2029; existing revolver maturity extended from 2026.
- Exchange offers for $1.05B secured, $0.98B unsecured, $1.25B convertible, $1.28B term loans into new first-lien notes and term loans.
- Consent solicitations to eliminate restrictive covenants and release collateral securing secured notes.
- Deal contingent on majority participation by each series of existing debt holders.