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    RCM   US7493971052

R1 RCM INC.

(RCM)
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R1 RCM Inc. and Certain of its Subsidiaries Enter into an Amended and Restated Senior Credit Agreement

07/01/2021 | 05:26pm EDT

On July 1, 2021, R1 RCM Inc. and certain of its subsidiaries entered into an amended and restated senior credit agreement with Bank of America, N.A., as administrative agent, and the lenders named therein, governing the Company’s amended and restated senior secured credit facilities, consisting of a $700.0 million senior secured term loan facility (the “Senior Term Loan”) and a $450.0 million senior secured revolving credit facility (the “Senior Revolver”). The proceeds from the new Senior Secured Credit Facilities will be used, in addition to cash on hand, (1) to refinance, in full, all existing indebtedness under the Credit Agreement, dated as of June 26, 2019, by and among the Company and certain of its subsidiaries, Bank of America, N.A., as administrative agent, and the lenders named therein, and amend and restate all commitments thereunder (the “Refinancing”), (2) to pay certain fees and expenses incurred in connection with the entry into the A&R Credit Agreement and the Refinancing, (3) to fund the Company’s previously announced acquisition of all of the equity interests of iVinci Partners, LLC, a Delaware limited liability company, also known as VisitPay, and to pay the fees, premiums, expenses and other transaction costs incurred in connection therewith, and (4) to finance working capital needs of the Company and its subsidiaries for general corporate purposes. The Senior Term Loan has a five-year maturity and the Senior Revolver has a five-year maturity. The A&R Credit Agreement provides that the Company may make one or more offers to the lenders, and consummate transactions with individual lenders that accept the terms contained in such offers, to extend the maturity date of the lender’s term loans and/or revolving commitments, subject to certain conditions, and any extended term loans or revolving commitments will constitute a separate class of term loans or revolving commitments. All of the Company’s obligations under the Senior Secured Credit Facilities are guaranteed by the subsidiary guarantors named therein (the “Subsidiary Guarantors”). Pursuant to (1) the Security Agreement, dated as of June 26, 2019 (the “Security Agreement”), among the Company, the Subsidiary Guarantors and Bank of America, N.A., as administrative agent, and (2) the Guaranty, dated as of June 26, 2019 (the “Guaranty”), among the Company, the Subsidiary Guarantors and Bank of America, N.A., as administrative agent, subject to certain exceptions, the obligations under the Senior Secured Credit Facilities are secured by a pledge of 100% of the capital stock of certain domestic subsidiaries owned by the Company and a security interest in substantially all of the Company’s tangible and intangible assets and the tangible and intangible assets of each Subsidiary Guarantor. The Senior Revolver includes borrowing capacity available for letters of credit and for borrowings on same-day notice, referred to as the “swing loans.” Any issuance of letters of credit or making of a swing loan will reduce the amount available under the Senior Revolver. Upon closing, the aggregate borrowings incurred under the Senior Revolver are $120,000,000. At the Company’s option, the Company may add one or more new term loan facilities or increase the commitments under the Senior Revolver or request to add one or more series of junior lien term loans or notes, subordinated term loans or notes or senior unsecured term loans or notes, or any bridge facility in an unlimited amount so long as certain conditions, including compliance with the applicable financial covenants for such period (on a junior or unsecured basis), in each case on a pro forma basis, are satisfied.


ę S&P Capital IQ 2021
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Analyst Recommendations on R1 RCM INC.
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Financials (USD)
Sales 2021 1 467 M - -
Net income 2021 112 M - -
Net Debt 2021 680 M - -
P/E ratio 2021 -24,9x
Yield 2021 -
Capitalization 6 038 M 6 038 M -
EV / Sales 2021 4,58x
EV / Sales 2022 3,97x
Nbr of Employees 19 600
Free-Float 45,9%
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Number of Analysts 8
Last Close Price 21,65 $
Average target price 33,00 $
Spread / Average Target 52,4%
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Managers and Directors
Joseph Gerard Flanagan President, Chief Executive Officer & Director
Rachel Wilson Chief Financial Officer, Treasurer & Executive VP
Jay Sreedharan Chief Technology & Digital Officer
Julia K. Davis Chief Information Officer & Executive VP
John Sparby COO, Executive VP-Operations & Delivery
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