We advised an ad hoc group of convertible note holders in connection with the transaction

Davis Polk advised an ad hoc group of holders of MultiPlan Corporation senior convertible notes in connection with the exchange of approximately $4.5 billion in aggregate principal amount of existing first-lien term loans, secured notes, unsecured notes and convertible notes for a combination of new first-lien first-out term loans, new first-lien second-out term loans and senior notes, and new first-lien third-out senior notes, as applicable, along with a new $350 million first-out first-lien revolving credit facility.

The transaction closed on January 30, 2025, with holders representing more than 99% of MultiPlan’s existing indebtedness participating.

MultiPlan Corporation is a provider of data analytics and technology-enabled end-to-end cost management, as well as payment and revenue integrity solutions, to the U.S. healthcare industry. Through its data and technology platform, the company provides out-of-network cost management, payment and revenue integrity, data and decision science, business-to-business (B2B) healthcare payments and other services to the payors of healthcare, which are primarily health insurers and their administrative-services-only (ASO) platforms, self-insured employers, federal and state government-sponsored health plans and other health plan sponsors, and, indirectly, the plan members who are the consumers of healthcare services. The company is a partner to over 700 healthcare payors, brokers and others.

The Davis Polk restructuring team included partners Damian S. Schaible and Eli J. Vonnegut, counsel Aryeh Ethan Falk and Brian Hecht and associate Amber Leary. The finance team included partner Kenneth J. Steinberg and counsel Bernard Tsepelman. The capital markets team included partner Stephen A. Byeff and associate Xi (Brooke) Zheng. The tax team included partner Corey M. Goodman, counsel Yixuan Long and associates Charles (David) Collier, Caroline Peters and Katherine S. Xiu. Partner Elliot Moskowitz provided litigation advice. All members of the Davis Polk team are based in the New York office.

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