Transworld Systems Inc. (TSI) announced yesterday that it has completed a comprehensive financial restructuring of the Company's debt and equity.
According to the announcement, the recapitalization was implemented via a voluntary, out-of-court transaction and did not impact TSI's customers, operations, facilities, or employees.
The restructuring decreased the Company's outstanding debt by approximately $460 million, or 91%, through (i) an exchange of the Company's 9.5% Senior Notes due 2021 (the "Notes") for new debt and new common equity, (ii) a partial repayment and extension of the Company's revolving credit facility, and (iii) a $39 million equity capital injection into the Company.
"The successful completion of this transaction provides TSI with significant financial flexibility to invest in the business to drive growth," said Joe Laughlin, CEO of TSI. "We are pleased to partner with Clearlake Capital, Platinum Equity and our other new equity holders. I would like to thank our customers, employees, vendors and regulators for their patience and support as we moved through this process."
TSI is an analytics-driven provider of accounts receivable management, healthcare revenue cycle, and loan servicing solutions.