BrightSpring Health Services, Inc. Announced Refinancing of Term Loan B
BrightSpring Health Services (NASDAQ: BTSG) has successfully refinanced its entire $2.55 billion Term Loan B facility due February 2031 through its subsidiary Phoenix Guarantor Inc. The refinancing resulted in a reduced interest rate, with the facility now priced at SOFR +250 basis points, down from SOFR +325 basis points. This 75 basis point reduction is expected to generate annual cash interest savings of approximately $19.1 million. The transaction was completed without incurring any additional debt, with Morgan Stanley and KKR Capital Markets acting as lead bookrunners.
BrightSpring Health Services (NASDAQ: BTSG) ha rifinanziato con successo l'intero prestito di $2,55 miliardi della sua struttura Term Loan B in scadenza a febbraio 2031 tramite la sua filiale Phoenix Guarantor Inc. Il rifinanziamento ha portato a una riduzione del tasso d'interesse, con la struttura ora fissata a SOFR +250 punti base, in calo rispetto a SOFR +325 punti base. Questa riduzione di 75 punti base dovrebbe generare risparmi annuali in interessi in contante di circa $19,1 milioni. La transazione è stata completata senza incorrere in ulteriore debito, con Morgan Stanley e KKR Capital Markets che hanno agito come bookrunner principali.
BrightSpring Health Services (NASDAQ: BTSG) ha refinanciado con éxito su totalidad de $2.55 mil millones en su préstamo a término B que vence en febrero de 2031 a través de su subsidiaria Phoenix Guarantor Inc. El refinanciamiento resultó en una tasa de interés reducida, con la instalación ahora fijada en SOFR +250 puntos básicos, bajando de SOFR +325 puntos básicos. Esta reducción de 75 puntos básicos se espera que genere ahorros anuales en intereses en efectivo de aproximadamente $19.1 millones. La transacción se completó sin incurrir en deuda adicional, con Morgan Stanley y KKR Capital Markets actuando como bookrunners principales.
BrightSpring Health Services (NASDAQ: BTSG)는 2031년 2월 만기가 도래하는 전체 $25억 규모의 Term Loan B 시설을 자회사인 Phoenix Guarantor Inc.를 통해 성공적으로 재융자했습니다. 재융자 결과, 이자율이 낮아져 현재 시설의 가격이 SOFR +250bp로 책정되었고, 이는 SOFR +325bp에서 감소한 것입니다. 이 75bp의 감소는 연간 약 $1910만의 현금 이자 절감을 가져올 것으로 예상됩니다. 이번 거래는 추가적인 부채 없이 완료되었으며, Morgan Stanley와 KKR Capital Markets가 주선사로 활동했습니다.
BrightSpring Health Services (NASDAQ: BTSG) a réussi à refinancer l'intégralité de son prêt à terme B de 2,55 milliards de dollars arrivant à échéance en février 2031 par l'intermédiaire de sa filiale Phoenix Guarantor Inc. Le refinancement a entraîné une réduction du taux d'intérêt, le prêt étant désormais fixé à SOFR +250 points de base, contre SOFR +325 points de base précédemment. Cette réduction de 75 points de base devrait générer des économies annuelles d'intérêts en espèces d'environ 19,1 millions de dollars. La transaction a été réalisée sans contracter de nouvelle dette, avec Morgan Stanley et KKR Capital Markets agissant en tant que chefs de file des souscripteurs.
BrightSpring Health Services (NASDAQ: BTSG) hat erfolgreich seinen gesamten Kreditbetrag von 2,55 Milliarden Dollar für die Term Loan B, die im Februar 2031 fällig wird, über seine Tochtergesellschaft Phoenix Guarantor Inc. refinanziert. Die Refinanzierung führte zu einem reduzierten Zinssatz, wobei die Einrichtung nun bei SOFR +250 Basispunkten liegt, im Vergleich zu SOFR +325 Basispunkten zuvor. Diese Reduzierung um 75 Basispunkte wird voraussichtlich jährliche Ersparnisse bei den Barzinseinnahmen von etwa 19,1 Millionen Dollar generieren. Die Transaktion wurde ohne zusätzliche Schulden abgeschlossen, wobei Morgan Stanley und KKR Capital Markets als Hauptbuchführer fungierten.
- Achieved $19.1 million in annual cash interest savings
- Reduced interest rate by 75 basis points
- No additional debt incurred from refinancing
- Maintains substantial debt load of $2.55 billion
Insights
The successful refinancing of
This refinancing deal positions BrightSpring favorably in the healthcare services sector. The significant interest savings will directly boost the company's bottom line and free up capital for potential strategic initiatives. The ability to secure better loan terms in the current market demonstrates BrightSpring's strong market position and lender confidence in its business model. The extended maturity until 2031 provides long-term debt stability, while the maintained debt level shows disciplined financial management. This transaction could serve as a catalyst for positive market sentiment, potentially benefiting shareholder value through improved profitability metrics and enhanced financial flexibility.
LOUISVILLE, Ky., Dec. 11, 2024 (GLOBE NEWSWIRE) -- BrightSpring Health Services, Inc. (“BrightSpring” or the “Company”) (NASDAQ: BTSG), a leading provider of home and community-based health services for complex populations, completed the successful refinancing of all of its
The Company’s refinanced facility was repriced at SOFR +250 basis points, vs. the prior issuance at SOFR +325 basis points. The repricing reduced the applicable interest rate on the outstanding term loan by 75 basis points, representing an estimated cash interest savings of approximately
Morgan Stanley and KKR Capital Markets served as the lead bookrunners for the loan.
About BrightSpring Health Services
BrightSpring Health Services provides complementary and integrated home- and community-based pharmacy and health solutions for complex populations in need of specialized and/or chronic care. Through the Company’s service lines, including pharmacy, home health care and primary care, and rehabilitation and behavioral health, we provide comprehensive care and clinical solutions in all 50 states to over 400,000 customers, clients and patients daily. BrightSpring’s services improve the quality of life and health for high-need individuals while reducing overall costs to the healthcare system.
Forward Looking Statements
The statements contained in this press release that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on BrightSpring’s current expectations and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. These expectations, beliefs, and projections are expressed in good faith and BrightSpring believes there is a reasonable basis for them. However, there can be no assurance that these expectations, beliefs, and projections will result or be achieved. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond BrightSpring’s control. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in BrightSpring’s filings with the Securities and Exchange Commission (the “SEC”) under caption “Risk Factors,” including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and subsequent other filings BrightSpring makes with the SEC from time to time. Any forward-looking statement in this press release speaks only as of the date of this release. BrightSpring undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
Contact
Investor Relations:
David Deuchler, CFA
Gilmartin Group LLC
ir@brightspringhealth.com
Media Contact:
Leigh White
leigh.white@brightspringhealth.com
502.630.7412
FAQ
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