Team Health Completes Senior Secured Notes Offering and Term Loan Refinancing
Simpson Thacher represented Team Health Holdings, Inc. (“Team Health”) in connection with a Rule 144A/Regulation S offering of $430 million aggregate principal amount of 8.375% Senior Secured Notes due 2028 (the “Notes”).
Concurrently, the Firm also represented Team Health in connection with an amendment to the credit agreement governing its existing Term Loan B due 2027 (the “Existing Term Loans”) to, among other things, provide for refinancing term loans in an aggregate principal amount of $950 million (the “New Term Loans”), maturing on June 30, 2028.
Team Health used the net proceeds of the Notes offering and the New Term Loans to refinance all of its outstanding Existing Term Loans and to pay fees and expenses related to the foregoing.
Team Health is a physician-founded and led facility-based practice comprising approximately 19,000 affiliated healthcare professionals, advanced practice clinicians, and administrative and operational associates as of March 31, 2025, with physician leadership throughout all levels of the organization. Through innovative partnerships with over 2,400 acute care hospitals and post-acute facilities, Team Health team members deliver exceptional care during life’s pivotal moments to approximately 29 million patients each year and over 80,000 patients every 24 hours.
The Simpson Thacher team for the transaction included Jonathan Ozner, Jieun Lim, Erica Yoon, Charlotte Cao and Cadina Mancini (Capital Markets); Brian Gluck, Adam Moss, Roman Ibragimov and Khalia Williams (Banking and Credit); Jon Pall (Collateral); Courtney Welshimer, Corina Holland, Matthew Richardson and Christian Bond (Intellectual Property); Jonathan Cantor and Jemma Li (Tax); and Jeanne Annarumma and Pasco Struhs (Executive Compensation and Employee Benefits). Summer associates Ignasi Dorca and Eliza Namnoum also provided valuable assistance.