trending Market Intelligence /marketintelligence/en/news-insights/trending/lP2xzhDVH4bWEg5BVfGa5Q2 content esgSubNav
In This List

Report: Apax-backed One Call looking for plans to rework $2B debt


Balance Sheet Strategy in an Unusual Rate Environment


Investors' Views of the Industry Today & the Outlook for Tomorrow


Street Talk | Episode 98: Regulatory scrutiny having cooling effect on community bank M&A


Insight Weekly: M&A outlook; US community bank margins; green hydrogen players' EU expansion

Report: Apax-backed One Call looking for plans to rework $2B debt

Apax Partners LP-backed One Call Corp. is looking to rework its $2 billion debt by offering creditors an ownership stake after skipping an Oct. 1 interest payment, Bloomberg News reported, citing anonymous sources.

The skipping on its 2024 second-lien notes kick-started a 30-day grace period for the company to negotiate with its creditors.

The company is in talks with four groups of creditors on multiple proposals, including exchanging debt for equity through a deal that could be executed in bankruptcy court, the publication reported, citing anonymous sources.

Parties in the discussions include GSO Capital Partners LP, the credit arm of Blackstone Group Inc., and KKR & Co., along with financial advisers from Houlihan Lokey Inc. Certain holders are also in discussion with Guggenheim Partners LLC and law firm Gibson Dunn & Crutcher LLP. A third group of holders is in discussion with law firm Akin Gump Strauss Hauer & Feld LLP and Alvarez & Marsal Holdings LLC.

The Jacksonville, Fla.-based company, which offers care for injured employees through networks of contracted providers, recently drew $50 million from its $56.6 million revolver, and has been working with Kirkland & Ellis LLP for legal matters and Centerview Partners LLC as an investment bank.

Representatives from Apax and the investment and advisory firms declined to comment or did not immediately respond to messages, according to the report.