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At June 30, 2018, we delivered physician services, primarily in the areas of emergency department and hospitalist services, anesthesiology services, radiology/tele-radiology services, and children’s services to more than 1,800 clinical departments in healthcare facilities in 45 states and the District of Columbia. The company amassed its debt load through years of acquisitions. Telephone: +1 (877) 610-4910 Creditors have until April 30 to decide whether to participate in the deal. But it remains unclear whether private equity-backed companies like Envision will receive any of those funds to offset losses. The following factors, among others, could cause actual results to vary from the forward-looking statements: whether KKR realizes all or any of the anticipated benefits from converting to a corporation and the timing of realizing such benefits; whether there are increased or unforeseen costs associated with the conversion, including any adverse change in tax law; the volatility of the capital markets; the general volatility of the capital markets; failure to realize the benefits of or changes in KKR’s business strategies including the ability to realize the anticipated synergies from acquisitions or strategic partnerships or other transactions; availability, terms and deployment of capital; availability of qualified personnel and expense of recruiting and retaining such personnel; changes in the asset management industry, interest rates or the general economy; underperformance of KKR's investments and decreased ability to raise funds; and the degree and nature of KKR’s competition. Certain holders of its term loans are working with lawyers at Akin Gump Strauss Hauer & Feld LLP and investment bank Guggenheim Securities, they said. All forward-looking statements speak only as of the date they are made. Have a confidential tip for our reporters? This presentation contains certain forward-looking statements pertaining to KKR & Co. Inc. and its consolidated subsidiaries (collectively “KKR”), including certain investment funds, vehicles and accounts that are managed by KKR (each, a “fund”). KKR agreed to buy Envision in June 2018 in a deal that valued the company at $9.9 billion including debt. KKR, a global investment firm, is set to pay $10 billion (nearly half of which consists of debt) to take a company called Envision Healthcare private. A representative for Guggenheim declined to comment while Akin Gump didn’t immediately respond to requests for comment. In just two weeks, Envision’s business shrank by 65% to 75% at its 168 open ambulatory surgical centers, compared with the same period last year, Bloomberg reported last month. Envision Healthcare Corporation is a leading provider of physician-led services and post-acute care, and ambulatory surgery services. Before it's here, it's on the Bloomberg Terminal. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. By using this site you agree to our use of cookies. Before it's here, it's on the Bloomberg Terminal. As a result of the completion of the merger, shares of Envision’s common stock ceased trading on the NYSE prior to the opening of the NYSE today. The company sought to ease its debt load with a proposal for bondholders to swap $1.2 billion of unsecured notes at a discount for a new term loan with higher priority and an earlier due date. Its $1 billion of bonds due 2026 were trading around 43 cents on the dollar as of Aug. 10, according to Trace bond trading data. The company recently hired law firm Kirkland & Ellis LLP, and KKR is working with lawyers at Paul Weiss Rifkind Wharton & Garrison LLP to advise on Envision’s restructuring options, including a potential Chapter 11 filing, said the people, who asked not to be identified because the discussions are private. Medical staffing firm hires restructuring lawyers, bankers, Company squeezed after pandemic halts elective procedures. Envision Healthcare is a family of healthcare companies focused on delivering high quality care to patients in their homes, in the hospital and in between. Envision said at the time that it may need additional financing if conditions worsen. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. The firm planned to invest as much as $3.5 billion of equity in the transaction, a regulatory filing shows. The firm, owned by KKR & Co., posted a 39% decline in sales for the second quarter, excluding grants like CARES Act funds it received to help it deal with the virus, according to people with knowledge of the results. The firm estimated the coronavirus pandemic cost it $166 million of earnings. © 2020 Kohlberg Kravis Roberts & Co. L.P. All Rights Reserved. Nashville, Tennessee-based Envision ended the second quarter with $992.5 million of cash on its balance sheet, including $27 million of restricted cash, the people said. It posted $227 million of adjusted earnings before interest, taxes depreciation and amortization, a 1.9% increase compared to $223 million a year earlier, said the people. KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, growth equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. Updates with bond price in sixth paragraph. The Company owns and operates 261 surgery centers and one surgical hospital in 35 states and the District of Columbia, with medical specialties ranging from gastroenterology to ophthalmology and orthopedics. This site uses cookies to provide you with a more responsive and personalized service. Stocks Fall as Stimulus Hopes Fade, Banks Slump: Markets Wrap, J&J Halts Covid-19 Vaccine Trial Due to Unexplained Illness, Wells Fargo Fires More Than 100 Workers for Abusing U.S. Aid, Apple iPhone 12 5G Line Wins Praise for Lower Prices, New Sizes, Investors Turn Skeptical of Democratic ‘Blue Wave’ Victory in U.S. Envision Healthcare Corp., one of the biggest private equity-backed medical staffing companies, reported another quarter of losses as it deals with continued pressures from the pandemic. Additional information about factors affecting KKR, including a description of risks that may be important to a decision to purchase or sell any common or preferred stock of KKR & Co. Inc., can be found in KKR & Co. Inc.’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and its other filings with the SEC, which are available at www.sec.gov. References to KKR’s investments may include the activities of its sponsored funds. Platform (FSK, FSKR), https://www.businesswire.com/news/home/20181011005441/en/. Like Blackstone Group Inc.-backed Team Health, Envision faced steep losses as physicians across the country deferred elective procedures during lockdowns and saw appointments canceled in staggering numbers. NASHVILLE, Tenn.–(BUSINESS WIRE)– Envision Healthcare Corporation (“Envision” or the “Company”) (NYSE: EVHC) today announced the completion of the previously announced acquisition of Envision by global investment firm KKR. Envision’s debt has been trading at deeply distressed levels. The KKR & Co.-backed company, one of the largest physician staffing firms in the U.S., has already been holding back pay for doctors, and it has struggled to convince its bondholders to take a haircut in exchange for a new loan that would pare its debt load. Post-acute care is delivered through an array of clinical professionals and integrated technologies which, when combined, contribute to efficient and effective population health management strategies. In addition, KKR’s business strategy is focused on the long-term and financial results are subject to significant volatility. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law. Investment bank Houlihan Lokey Inc. was also tapped for advice, the people said. Volumes decreased 33.1% while physician service sales fell 29.6% compared to the same period a year ago, the people said. Stocks Fall as Stimulus Hopes Fade, Banks Slump: Markets Wrap, J&J Halts Covid-19 Vaccine Trial Due to Unexplained Illness, Apple iPhone 12 5G Line Wins Praise for Lower Prices, New Sizes, Investors Turn Skeptical of Democratic ‘Blue Wave’ Victory in U.S. View source version on businesswire.com: https://www.businesswire.com/news/home/20181011005441/en/, Envision Healthcare CorporationBob Kneeley, 303-495-1245Vice President, Investor Relationsbob.kneeley@evhc.netorKKRKristi Huller, 212-750-8300Cara Major, 212-750-8300media@kkr.com, ‍Craig Larson And, as Axios reported today, private equity has found another industry to worsen while turning a profit: healthcare. Please click on "I understand" to view the presentation. Representatives for Envision and KKR declined to comment. Envision reported further losses across its care units as many patients avoided visiting doctors even for mandatory care during the Covid-19 outbreak. Email: Investor-Relations@kkr.com. Have a confidential tip for our reporters? Its $1.23 billion of unsecured bonds due 2026 traded last week for less than 30 cents on the dollar, according to the Trace bond-price reporting system.

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