Global law firm White & Case LLP has advised the lead arrangers on a term loan B facility and revolver totaling US$2.175 billion provided to Azalea TopCo, Inc., doing business as Press Ganey, in connection with the company's refinancing.
The transaction comprised a US$350 million revolving facility and a US$1.825 billion first-lien term facility, the proceeds of which, together with the issuance of new preferred stock, were used to refinance the company's existing first-lien term loans, second-lien notes and revolving facility, and to redeem certain preferred stock.
Press Ganey, backed by Leonard Green & Partners and Ares Management, is a provider of experienced management solutions for healthcare providers and payors, pharmaceutical companies and other complex industries outside the healthcare sector.
The White & Case team was led by Debt Finance partners Rajani Gupta and Eliza McDougall, and included associates Deland Ji, Spencer Paveck and Landon Oakes; and Capital Markets partner Daniel Nam, and associate Joanna Heinz.
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