MultiPlan Corporation, a leading provider of technology and data solutions focused on cost management, improving quality and transparency in healthcare, today announced a comprehensive refinancing to extend the maturities of its entire debt capital structure.

MultiPlan has entered into an agreement (the “Transaction Support Agreement”) with certain ad hoc groups of noteholders and lenders collectively beneficially owning approximately 78% of MultiPlan’s outstanding debt.

“Our top priority is investing in our business to drive MultiPlan’s organic growth. This refinancing extends our debt maturities and will ensure that our capital structure enables us to operate as efficiently and sustainably as possible,” said Travis Dalton, Chief Executive Officer of MultiPlan. “We’re grateful for the broad-based backing from investors who support our Vision 2030 transformation plan and contributed to this attractive refinancing. This successful outcome will help our leadership team execute our transformation into a data and technology-forward company focused on cost management, improving quality and transparency in healthcare.”

Transactions Extend Debt Maturity Profile and Support Vision 2030 Transformation Plan

With a focus on continued investment in the business, those certain ad hoc groups of noteholders and lenders have agreed with the Company to the following series of transactions (the “Transactions”), which will support our long-term growth plan:

• Terminate the existing Revolving Credit Commitments (the “Existing Revolving Credit Commitments”) under and as defined in that certain Credit Agreement, dated as of August 24, 2021 (as amended, restated, supplemented, or otherwise modified from time to time, the “Existing First Lien Credit Agreement”), by and among MPH, as borrower, MPH Acquisition Corp 1, the co-obligors from time to time party thereto, the lenders from time to time party thereto, and Goldman Sachs Lending Partners LLC, as administrative agent, collateral agent, swingline lender and a letter of credit issuer, and incur $350 million in new “first-out” first lien revolving credit commitments, which would extend the maturity of the Company’s existing revolving commitments from August 24, 2026, to December 31, 2029;

• offer to exchange the existing Term Loans (the “Existing Term Loans”) under and as defined in the Existing First Lien Credit Agreement set to mature in 2028 for a portion of (i) new “first-out” first lien term loans in an aggregate principal amount of up to $325,005,572 (the “New First-Out First Lien Term Loans”) and (ii) new “second-out” first lien term loans in an aggregate principal amount of up to $1,143,936,928, with such new term loans maturing in 2030;

• offers to exchange the existing 5.50% Senior Secured Notes due 2028 issued by MPH Acquisition Holdings LLC (“MPH”) (the “Existing Secured Notes”), the existing 5.750% Senior Notes due 2028 issued by MPH (the “Existing Unsecured Notes”) and the existing 6.00% / 7.00% Convertible Senior PIK Toggle Notes due 2027 issued by MultiPlan (the “Existing Convertible Notes” and, collectively with the Existing Secured Note and Existing Unsecured Notes, the “Old Notes”) for a portion of (i) New First-Out First Lien Term Loans, (ii) new “second-out” 6.50% cash & 5.00% PIK first lien notes due 2030, (iii) new “second-out” 5.75% first lien notes due 2030 and (iv) new “third-out” 6.00% cash & 0.75% PIK first lien notes due 2031 (collectively, the “Exchange Offers”);

• a consent solicitation to eliminate substantially all covenants and events of default with respect to the Old Notes and release the collateral securing the Existing Secured Notes;

• a consent solicitation to holders of Existing Term Loans and Existing Revolving Credit Commitments to eliminate substantially all covenants, certain default provisions, and substantially all representations and warranties in the Existing First Lien Credit Agreement, as well as release certain of the collateral and guarantors thereunder, which would have the effect of releasing (i) the same guarantors under the indentures governing the Existing Secured Notes and the Existing Unsecured Notes and (ii) the same collateral securing the Existing Secured Notes; and

• negotiate in good faith and use commercially reasonable efforts to execute, deliver, implement and effectuate definitive documents relating to the foregoing transactions that are consistent in all material respects with the Transaction Support Agreement (including the term sheet annexed thereto).

The Transactions are expected to comprehensively reorganize MultiPlan’s capital structure and position the Company for more sustainable long-term growth. The consummation of the Transactions is subject to the satisfaction or waiver of a number of customary closing conditions. Further details of the Exchange Offers and consent solicitations are set forth in a separate press release issued on December 24, 2024 by the Company.