Symplr secures $280M refinancing, one of healthcare's largest US debt deals

What's the deal? Symplr, a provider of enterprise healthcare operations software, has secured commitment letters for a refinancing that brings in roughly $280 million of new capital. The debt deal includes a substantial new investment from its sponsors, Clearlake Capital GroupDealroom has a profile for this one. Try Dealroom → and Charlesbank Capital PartnersDealroom has a profile for this one. Try Dealroom →, and is expected to close by the end of October.

Why now? The transaction extends the maturity of Symplr's first-lien term loan and revolving credit facility to December 2030, and its second-lien term loans to June 2031. The move cuts near-term cash interest requirements and buys the company time and resources to execute its strategy.

What's the endgame? Symplr runs a cloud-based operations platform spanning workforce, quality, provider data management, and spend solutions. It says the new capital will fund continued investment in the business as it advances that platform.

The company reports it is trusted in nine of 10 US hospitals and more than 400 US health plans.

What they said: "By extending our debt maturities and bringing substantial new capital into the business, we are creating greater financial flexibility and additional runway to execute our strategy," said chief executive officer Venkat Kavarthapu. He added that continued backing from Clearlake and Charlesbank "reflects confidence in symplr, our team and the opportunity ahead."

The signal: At $280 million, this ranks among the largest debt rounds for a US healthcare company — in the top 1.5% of such deals on record. With the full support of its sponsors and lender groups, Symplr is resetting its balance sheet to keep investing rather than chasing fresh equity.

Read more: prnewswire.com

Image credit: Symplr