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Ropes & Gray Represents Ad Hoc Group of Second Lien Lenders in Financing of Healogics

Practices: Business Restructuring, Private Equity, Tax, Litigation, Executive Compensation & Employee Benefits

Ropes & Gray represented an ad hoc group of second lien lenders, which included Partners Group, on behalf of its clients, and Northwestern Mutual, in investment in Healogics. As part of the financing transaction, a group of new and existing investors, led by Clayton Dubilier & Rice, Partners Group, on behalf of its clients, and Northwestern Mutual, invested $75 million of common equity, and Marathon Asset Management invested over $165 million in new preferred stock. As a financially stronger company, Healogics will be able to accelerate its investment in its leading patient centric wound care center business positioning it for continued long-term success. Healogics also secured a new $30 million Revolving Credit Facility and a new $370 million First Lien Term Loan, both led by J.P. Morgan's Strategic Situations. The financing resulted in an extension of Healogic’s debt maturity schedule, with no significant maturities prior to 2025.

The transaction closed on May 13 and was announced on May 14.  The press release is here.

Headquartered in Jacksonville, Fla., Healogics is the nation's wound healing expert.  Last year over 300,000 patients received advanced wound care through a network of over 600 Wound Care Centers.  Healogics also partners with over 300 skilled nursing facilities to care for patients with chronic wounds and provides inpatient consults at more than 60 partner hospitals.

The Ropes & Gray team was led by business restructuring partner Matthew Roose (New York) and capital solutions & special situation partner Robb Tretter (New York) and included private capital transactions counsel Milap Patel (Boston), tax partner Leo Arnaboldi III (New York), health care partner Christina Bergeron (Boston), employment, executive compensation & benefits partner Danna Kivell (New York), and litigation & enforcement partner Laura Hoey (Chicago), business restructuring counsel Benjamin Rhode (Chicago), private capital transactions associate Brian Klapow (New York) and executive compensation & benefits associate Pascal Mayer (New York).

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