TeamHealth

active

Healthcare — Blackstone

Deal Terms

Entry Year2017

Entry EV$6.1B

Entry Multiple13x

Leverage7x

Debt Amount$4.27B

Outcome

PIK ActiveYES

Risk Metrics

LTV (est.)70%

Debt / EV0.70x

Notes

$6.1B LBO by Blackstone. $4.27B debt. Physician staffing firm hammered by No Surprises Act (same as Envision). Moody's downgraded to Caa2. Blackstone wrote down equity by 50%+. PIK toggle on subordinated debt. Lobbying Congress to weaken surprise billing rules.

Sponsor

Blackstone$1270B AUM

Hot Potato History

2009→Public Market

2017→Blackstone($6.1B)

Deeply distressed. $7B+ in debt. Restructuring discussions ongoing. No Surprises Act crushed the revenue model. Blackstone equity likely worth near zero.