We advised the agent on an amendment including a $300 million “first out” tranche and on a new $300 million revolver

Davis Polk advised the administrative agent and collateral agent in connection with the amendment of Envision Healthcare’s first-lien term loan facility to incorporate a $300 million “first out” tranche, in addition to “second out” and “third out” tranches under the term loan for the conversion of participating loans held by existing first-lien term loan lenders. Davis Polk also advised the administrative agent and collateral agent in connection a $300 million super-senior secured revolving credit facility for certain subsidiaries of Envision in its AMSURG business, proceeds of which were used to repay Envision’s outstanding revolving credit facility.

Envision, a portfolio company of KKR, is a leading provider of physician-led services and post-acute care and ambulatory surgery services. Envision delivers physician services to more than 1,800 clinical departments in healthcare facilities and owns and operates surgery centers and one surgical hospital across the United States, with medical specialties ranging from gastroenterology to ophthalmology and orthopedics.

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds.

The Davis Polk finance team included partners James A. Florack and David Hahn, counsel Phoebe Jin and associates Bernard Tsepelman, Theodore N. Batis and Bryan Mendiola. Partner Brian M. Resnick and associates Michael Pera, Stephen Ford and Abraham Bane provided restructuring advice. Partner Elliot Moskowitz provided litigation advice. All members of the Davis Polk team are based in the New York office.

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