Healthcare analytics company MultiPlan Corp. has reached an agreement with a majority of its creditors to extend the maturities of its existing debt, according to a statement viewed by Bloomberg.
Holders of about 78% of various bonds and term loans have agreed to the deal, which targets debt due between 2026 and 2028. The company listed $4.5 billion of long-term debt as of Sept. 30, according to public disclosures.
Under the plan, holders of its existing first-lien term loan maturing in 2028 can swap a portion of their debt for new first-lien term loans, both maturing in 2030. One loan would offer lenders a “first out” position, meaning they would be paid back first in case of a default, while another would offer lenders a “second out” position.
Participating creditors can also exchange their 5.5% secured notes coming due 2028, 5.75% senior unsecured notes due in 2028 and convertible PIK toggle notes maturing in 2027 for a mix of loans with different repayment priorities.
MultiPlan also will secure a new $350 million first-out revolving credit facility, whose maturity will be extended to December 2029 from August 2026.
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