S&P Global Ratings views Radiology Partners’ recently completed debt refinancing transactions as “distressed” and “tantamount to a default,” according to a new analysis published Monday. The country’s largest radiology practice first announced the series of maneuvers Feb. 15. Its strategy included raising $720 million in new “growth equity.” Rad Partners also marked the closing of multiple transactions to push back due dates for various obligations—moves that raised red flags from the New York-based credit ratings agency. “We view the modifications to the first-lien term loan, secured notes, and unsecured notes, including the extension of maturities, as tantamount to default because we believe lenders received less than the original promise,” analysts Richa Deval and David A. Kaplan wrote Feb. 26.
Read the full article: S&P Views Radiology Partners’ Debt Refinancing Maneuvers as ‘Tantamount to a Default’ //
Source: https://radiologybusiness.com/topics/healthcare-management/healthcare-economics/sp-views-radiology-partners-debt-refinancing-maneuvers-tantamount-default