Blackstone Inc. led a roughly $1 billion preferred-equity investment backing Press Ganey’s debt refinancing that includes rare concessions that make it easier for the company’s owners to sell a stake or list the business over the coming months. The deal’s call provision allows the health-care survey provider and consultant to pay back the obligation with proceeds from an initial public offering or minority equity investment at 101.5 cents on the dollar for as long as 18 months, according to people with knowledge of the transaction. Such flexible terms are unusual — most preferred investments typically can’t be repaid so soon with fresh equity, a safeguard meant to ensure holders will have a minimum number of years to profit from the investment.
Read the full article: Blackstone Gives Press Ganey Rare Flexibility in $1B Deal //
Source: https://www.bloomberg.com/news/articles/2024-05-20/blackstone-gives-press-ganey-rare-flexibility-in-1-billion-deal