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ATI Physical Therapy, Inc. ("ATI" or the "Company") (NYSE:ATIP), a nationally recognized outpatient physical therapy provider in the United States, today announced that it has completed its previously disclosed Transaction Support Agreement (the "TSA") to increase the Company's liquidity and financial flexibility.
"We are pleased to complete this important step toward strengthening our balance sheet, a key component of ATI's continued transformation," said Sharon Vitti, Chief Executive Officer. "The TSA reflects months' of constructive engagement with our largest shareholders, underscores their confidence in the significant value creation opportunities ahead for ATI, and we believe fuels our return to growth."
As announced on March 6, 2023, the transactions completed in the TSA will enable ATI to obtain a $25 million delayed draw facility in the form of new second lien PIK exchangeable notes and exchange $100 million of first lien term loan into new second lien PIK exchangeable notes, among other things.
Ms. Vitti added, "Completing the TSA transactions provides us the flexibility we need to continue executing on our strategic initiatives – focused on our pipeline, provider base and provider productivity – as we deliver value to our patients, shareholders and other stakeholders. We are pleased with our solid performance through Q2 to date."
Andrew Shannahan, partner at Knighthead Capital Management, LLC, the investment advisor to ATI's largest shareholders, said, "Our continued support of ATI is further testament to our belief in ATI's growth potential and our confidence in Sharon and her new leadership team's ability to deliver on their strategic plan."
Execution of the TSA transactions were subject to shareholder vote and approval, which were completed Tuesday, June 13, 2023. Additional information is available on the Company's Current Report on Form 8-K filed today with the U.S. Securities and Exchange Commission (the "SEC") and in ATI's definitive proxy statement filed with the SEC on May 1, 2023 (as supplemented on June 5, 2023), which is available free of charge at the SEC's website, www.sec.gov, and on ATI's website at https://investors.atipt.com.
Posted In: ATIP
