secwatch / observer
8-K filed December 21, 2023, 6:59 PM ET CIK 0001566469
debt confidence high sentiment negative materiality 0.80

NantHealth, Inc.: debt financing — NantHealth restructures $75M notes with Highbridge via $12.5M Nant Capital loan

NantHealth, Inc.

item 1.01item 2.03item 3.03item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

NantHealth, Inc. incurred convertible notes of $75.0 million aggregate principal amount of the Company's 4.50% Convertible Senior Notes due 2026 with Highbridge Capital Management, LLC at 4.50% maturing 2026.

Instrument
convertible notes
Principal
$75.0 million aggregate principal amount of the Company's 4.50% Convertible Senior Notes due 2026
Counterparty
Highbridge Capital Management, LLC
Rate
4.50%
Maturity
2026
Event
incurrence
Exact text from the filing
Highbridge Convertible Notes Exchange of $75.0 million aggregate principal amount of the Notes held by Highbridge, together with accrued and unpaid interest thereon and related fees
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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

NantHealth, Inc. incurred credit facility of $7.5 million (Tranche A Financing); up to $17.5 million (Tranche B Financing) with Nant Capital, LLC at not specified maturing not specified.

Instrument
credit facility
Principal
$7.5 million (Tranche A Financing); up to $17.5 million (Tranche B Financing)
Counterparty
Nant Capital, LLC
Rate
not specified
Maturity
not specified
Event
incurrence
Exact text from the filing
interests of the Credit Agreement, secured by certain additional other collateral owned by Nant Capital. In addition, pursuant to the Settlement, Nant Capital (i) provided $7.5 million in cash on the Credit Agreement Amendment (as defined below) effective date (the “ Tranche A Financing ”) and (2) on or before December 31, 2023, will provide at least $17.5
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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

NantHealth, Inc. amended credit facility of not specified with Highbridge Capital Management, LLC at 8.50% per annum (amended from 13.00%) maturing December 15, 2025.

Instrument
credit facility
Principal
not specified
Counterparty
Highbridge Capital Management, LLC
Rate
8.50% per annum (amended from 13.00%)
Maturity
December 15, 2025
Event
amendment
Exact text from the filing
decrease the interest rate from 13.00% per annum prior to the Credit Agreement Amendment effective date to 8.50% per annum after the Credit Agreement Amendment effective date; (ii) extend the maturity date to December 15, 2025
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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NantHealth, Inc. entered into Junior Financing (Tranche A and Tranche B) with Nant Capital, LLC valued at $7.5M cash Tranche A financing; $17.5M cash Tranche B financing (effective 2023-12-15).

Action
entry
Agreement
credit facility
Counterparty
Nant Capital, LLC
Value
$7.5M cash Tranche A financing; $17.5M cash Tranche B financing
Effective
2023-12-15
Exact text from the filing
Nant Capital (i) provided $7.5 million in cash on the Credit Agreement Amendment (as defined below) effective date (the “ Tranche A Financing ”) and (2) on or before December 31, 2023, will provide at least $17.5 million in cash to the Company (the “ Tranche B Financing ,” and together with the Tranche A Financing, the “ Junior Financing ”), in each case, by purchasing from the Company an unsecured, subordinated promissory note.
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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NantHealth, Inc. entered into Exchange Agreements with Highbridge Capital Management, LLC valued at $75.0 million aggregate principal amount of Notes exchanged for cash and first lien term loans (effective 2023-12-15).

Action
entry
Agreement
notes offering
Counterparty
Highbridge Capital Management, LLC
Value
$75.0 million aggregate principal amount of Notes exchanged for cash and first lien term loans
Effective
2023-12-15
Exact text from the filing
On December 15, 2023, the Company and Highbridge entered into Exchange Agreements (collectively, the “ Exchange Agreements ”) in connection with the Highbridge Roll-Up, pursuant to which the Company consummated the Highbridge Convertible Notes Exchange of $75.0 million aggregate principal amount of the Notes held by Highbridge, together with accrued and unpaid interest thereon and related fees, in exchange f
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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

NantHealth, Inc. amended Credit Agreement Amendment with Highbridge Capital Management, LLC valued at $12.5M new first lien term loan; $7.5M Tranche A financing; $17.5M Tranche B financing (effective 2023-12-15).

Action
amendment
Agreement
credit facility
Counterparty
Highbridge Capital Management, LLC
Value
$12.5M new first lien term loan; $7.5M Tranche A financing; $17.5M Tranche B financing
Effective
2023-12-15
Exact text from the filing
On December 15, 2023, NantHealth, Inc. (the “ Company ”) as issuer, together with NaviNet, Inc. (“ NaviNet ”) and OpenNMS Group, Inc. (“ OpenNMS ”) each as guarantors, under that certain Amended and Restated Indenture, dated as of May 17, 2023 (as amended, restated, modified or supplemented from time to time, the “ Convertible Notes Indenture ”), by and among the Company, NaviNet and OpenNMS, and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) (the “ Trustee ”) and U.S. Bank Trust Company, National Association, national banking association, as notes collateral agent (in such capacity, the “ Notes Collateral Agent ”), entered into a settlement (the “ Settlement ”) with Highbridge Capital Management, LLC and its affiliated funds (“ Highbridge ”), as holders of approximately $75.0 million in aggregate principal amount of the Company’s 4.50% Convertible Senior Notes due 2026 (the “ Notes ”) under the Convertible Notes Indenture, in
View on SEC.gov
Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

NantHealth, Inc. entered into New Nant Capital First Lien Loan with Nant Capital, LLC valued at $12.5M new first lien term loan (effective 2023-12-15).

Action
entry
Agreement
credit facility
Counterparty
Nant Capital, LLC
Value
$12.5M new first lien term loan
Effective
2023-12-15
Exact text from the filing
borrow $12.5M in cash from Nant Capital as a new first lien term loan pursuant to the Amended Credit Agreement (as defined below) at the closing of the Settlement (the “ New Nant Capital First Lien Loan ”)
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Source: SEC EDGAR
accession 0001566469-23-000078
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