Banks Launch $3.3 Billion Loan Package for R1 RCM’s Buyout

Bloomberg

2024-10-15

(Bloomberg) -- A group of banks led by Deutsche Bank AG launched a $3.3 billion leveraged loan package on Tuesday to help finance the buyout of hospital billing and payment company R1 RCM Inc.

The transaction consists of a $3.1 billion term loan and a $200 million delayed-draw term loan, according to a person with knowledge of the matter. Along with an additional $1 billion of expected secured debt, proceeds will help finance TowerBrook Capital Partners and Clayton, Dubilier & Rice’s acquisition of the company, the person said, who asked not to be named discussing a private transaction.

The $3.1 billion tranche ranks as the second-largest leveraged loan of the year used to help finance a buyout, tied with one for the acquisition of former Truist Financial Corp. unit TIH Insurance Holdings, according to data compiled by Bloomberg. This year’s largest is a $4.25 billion loan for Cotiviti Inc.’s buyout.

Meanwhile, at least 18 leveraged-loan transactions launched Tuesday morning to start the holiday-shortened week, already the busiest day since June 3, Bloomberg-compiled data show.

R1 RCM’s buyout, announced in August, put an $8.9 billion enterprise value on the firm. Deutsche Bank and Royal Bank of Canada were prepping a $4.5 billion debt package to help fund the purchase, including a leveraged loan of as big as $4.1 billion, Bloomberg previously reported. The acquisition is targeted to close by year’s end.

Commitments on the proposed loans are due at 12 p.m. ET on Oct. 25.

--With assistance from Andrew Kostic.

©2024 Bloomberg L.P.

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Along with an additional $1 billion of expected secured debt, proceeds will help finance TowerBrook Capital Partners and Clayton, Dubilier &amp; Rice’s acquisition of the company, the person said, who asked not to be named discussing a private transaction.</p><p>The $3.1 billion tranche ranks as the second-largest leveraged loan of the year used to help finance a buyout, tied with one for the acquisition of former <a href=\"https://laohu8.com/S/TFC\">Truist Financial Corp</a>. unit TIH Insurance Holdings, according to data compiled by Bloomberg. This year’s largest is a $4.25 billion loan for Cotiviti Inc.’s buyout.</p><p>Meanwhile, at least 18 leveraged-loan transactions launched Tuesday morning to start the holiday-shortened week, already the busiest day since June 3, Bloomberg-compiled data show. </p><p>R1 RCM’s buyout, announced in August, put an $8.9 billion enterprise value on the firm. Deutsche Bank and Royal Bank of Canada were prepping a $4.5 billion debt package to help fund the purchase, including a leveraged loan of as big as $4.1 billion, Bloomberg previously reported. 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Along with an additional $1 billion of expected secured debt, proceeds will help finance TowerBrook Capital Partners and Clayton, Dubilier &amp; Rice’s acquisition of the company, the person said, who asked not to be named discussing a private transaction.</p><p>The $3.1 billion tranche ranks as the second-largest leveraged loan of the year used to help finance a buyout, tied with one for the acquisition of former <a href=\"https://laohu8.com/S/TFC\">Truist Financial Corp</a>. unit TIH Insurance Holdings, according to data compiled by Bloomberg. This year’s largest is a $4.25 billion loan for Cotiviti Inc.’s buyout.</p><p>Meanwhile, at least 18 leveraged-loan transactions launched Tuesday morning to start the holiday-shortened week, already the busiest day since June 3, Bloomberg-compiled data show. </p><p>R1 RCM’s buyout, announced in August, put an $8.9 billion enterprise value on the firm. Deutsche Bank and Royal Bank of Canada were prepping a $4.5 billion debt package to help fund the purchase, including a leveraged loan of as big as $4.1 billion, Bloomberg previously reported. The acquisition is targeted to close by year’s end. </p><p>Commitments on the proposed loans are due at 12 p.m. ET on Oct. 25.</p><p>--With assistance from Andrew Kostic.</p><p>©2024 Bloomberg L.P.</p></article></body></html>\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"https://www.bnnbloomberg.ca/investing/2024/10/15/banks-launch-33-billion-loan-package-for-r1-rcms-buyout/\">Bloomberg</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4567","symbol_name":"ESG概念","start_time":0,"source_url":"https://www.bnnbloomberg.ca/investing/2024/10/15/banks-launch-33-billion-loan-package-for-r1-rcms-buyout/","article_id":"2475309632","we_media_id":null,"thumbnails":["https://www.bnnbloomberg.ca/resizer/v2/DX7RQQAQEVJY4ZUSVHCUZ6WDRI.jpg?smart=true&auth=96b51aeef937bb1bdfea0bdf746aa0dd7dbfe7be6a4da5705fa2bc26c0cfe093&width=500&height=333"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2475309632","pubTimestamp":1729004281,"columns":[],"sourceInfo":{"source_id":"bnn_bloomberg_highlight","name":"Bloomberg"},"weMediaInfo":null,"summary":"A group of banks led by Deutsche Bank AG launched a $3.3 billion leveraged loan package on Tuesday to help finance the buyout of hospital billing and payment company R1 RCM Inc.","collect":0,"end_time":0,"defaultTopTitle":"bnnbloomberg.ca","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4567":"ESG概念","RCM":"R1 RCM Inc.","BK4196":"保健护理服务"},"translate_title":"银行为R1 RCM的收购推出33亿美元贷款计划","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RCM":1},"content_text":"(Bloomberg) -- A group of banks led by Deutsche Bank AG launched a $3.3 billion leveraged loan package on Tuesday to help finance the buyout of hospital billing and payment company R1 RCM Inc.The transaction consists of a $3.1 billion term loan and a $200 million delayed-draw term loan, according to a person with knowledge of the matter. Along with an additional $1 billion of expected secured debt, proceeds will help finance TowerBrook Capital Partners and Clayton, Dubilier & Rice’s acquisition of the company, the person said, who asked not to be named discussing a private transaction.The $3.1 billion tranche ranks as the second-largest leveraged loan of the year used to help finance a buyout, tied with one for the acquisition of former Truist Financial Corp. unit TIH Insurance Holdings, according to data compiled by Bloomberg. This year’s largest is a $4.25 billion loan for Cotiviti Inc.’s buyout.Meanwhile, at least 18 leveraged-loan transactions launched Tuesday morning to start the holiday-shortened week, already the busiest day since June 3, Bloomberg-compiled data show. R1 RCM’s buyout, announced in August, put an $8.9 billion enterprise value on the firm. 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