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Symplr Software Secures $175 Million Equity Injection in Debt Restructuring Deal
Summary
Healthcare software provider Symplr Software has obtained a $175 million preferred equity investment from its private equity backers, Clearlake Capital and Charlesbank, as part of a broader debt recapitalization.
Symplr Software, a provider of healthcare operations software, has secured approximately $175 million in preferred equity from its private equity sponsors as part of a comprehensive restructuring plan designed to extend its debt repayment timelines. The agreement was reached with various creditor groups following months of negotiations, according to a Bloomberg report citing people familiar with the matter.
Details of the Recapitalization
The plan involves an agreement by Symplr's backers, Clearlake Capital Group and Charlesbank Capital Partners, to provide the new equity infusion. As part of the deal, the sponsors will also defer interest payments on new junior-ranking debt, a move aimed at preserving cash within the company.
In a related component of the restructuring, a group of second-lien lenders, which includes Ares Capital Corp. (NASDAQ:ARCC), will provide $103.5 million in fresh capital. This new financing is structured as a first-out second-lien loan, meaning it will have repayment priority over Symplr's other second-lien debt.
AdMarket Context
The restructuring follows a period of financial pressure for the software provider. Symplr's debt has been trading at distressed levels for several months, a situation exacerbated by broader market concerns about the potential impact of artificial intelligence on the software industry. The company is now reportedly seeking wider support from its creditors for the newly negotiated arrangement.
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