Simpson Thacher recently represented MultiPlan in connection with a 144A/Regulation S high yield offering of $750 million aggregate principal amount of Senior PIK Toggle Notes due 2018 by MPH Intermediate Holding Company 2, an indirect parent company of MultiPlan, Inc., and MultiPlan, Inc.’s amendment to its existing credit agreement providing for, among other things, $100 million of incremental term loans. MultiPlan used the net proceeds from the notes offering, along with the incremental term loan borrowings and cash on hand, to distribute approximately $838 million to a parent entity, MPH Intermediate Holding Company 1, which is indirectly controlled by affiliates of Silver Lake Group, L.L.C. and BC Partners, Inc.
MultiPlan is one of the largest independent preferred provider organizations in the United States, with covered lives in all 50 states and the District of Columbia. MultiPlan has developed one of the most extensive independent national networks of healthcare providers, with access to approximately 5,500 acute care hospitals, 840,000 practitioners and 140,000 ancillary facilities.
The Simpson Thacher team included: Ken Wallach, Justin Cooke, Joe Ronca and Summer Associate Edward Linden (Capital Markets); Jennifer Hobbs, Richard Kim and Tyler Flood (Credit); Bill Dougherty and John Kupiec (M&A); Gary Mandel, Jonathan Cantor and Jodi Sackel (Tax); and Gregory Grogan, Jeanne Annarumma and Jeannine McSweeney (Executive Compensation and Employee Benefits).
