Akumin entered into an agreement with certain noteholders representing over 95% of outstanding senior secured notes due in 2027 and 2028, and Stonepeak, an alternative investment firm, that will reduce debt, enhance liquidity and extend its debt maturities related to the senior secured notes. Under the agreement, the company will launch an exchange offer to issue new senior secured notes due 2031 in exchange for outstanding senior secured notes, which will be retired, and Stonepeak will continue to provide incremental growth capital to the company.
The company anticipates launching the exchange offer to holders of the senior secured notes in January 2026. The new notes will accrue cash interest at 9.75%, which will step down to 8.75% upon the company achieving a specified rating threshold.
In accordance with the support agreement, Stonepeak has committed to investing approximately $154.5 million of new money to support the company’s long-term business growth upon consummation of the transactions. In addition, the company’s existing revolving credit facility, with approximately $119 million expected to be outstanding at closing, will either be fully converted into preferred equity if at least 99% of the senior secured notes are tendered in the exchange offer, or, if that threshold is not met, will be subordinated to a second-lien position junior to the new notes.
“This transaction will enable us to further strengthen our financial foundation as we look to enhance our essential outpatient radiology and oncology services. We are grateful for the continued support of our bondholders and Stonepeak, and believe this transaction underscores the value of our business and the services we provide to health systems, hospitals, physician groups, and patients all across the country,” Henry Howe, CEO of Akumin, said.
Graham Brown, member of the board of directors of Akumin and managing director at Stonepeak, said, “We have long held confidence in Akumin and the critical healthcare services it provides, and have been committed to providing growth capital and operational expertise to the business as needed. We look forward to continuing to support the business as it executes on and advances its strategy for future success.”
The new notes will not be registered under the Securities Act of 1933, as amended, or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
