The Debt Finance team advised Cano Health, Inc. (NYSE: CANO) (the “Company”) on its previously-announced $150 million senior secured “side-car” term loan from Diameter Capital Partners, Rubicon Founders and their respective affiliates and managed funds, which closed on February 24, 2023. JPMorgan Chase Bank, N.A. served as sole lead arranger and sole bookrunner in connection with the financing. The side-car term loan bears interest at 14% per annum during the first two years after initial funding, payable in cash or in-kind at the Company’s option, and thereafter 13% per annum, payable in cash. In connection with the financing, the Company issued to the lenders warrants to purchase up to approximately 29.5 million shares of the Company’s class A common stock.
Cano Health is a high-touch, technology-powered healthcare company delivering personalized, value-based primary care to approximately 310,000 members. With its headquarters in Miami, Florida, Cano Health is transforming healthcare by delivering primary care that measurably improves the health, wellness, and quality of life of its patients and the communities it serves. Founded in 2009, Cano Health has more than 4,000 employees, and operates primary care medical centers and supports affiliated providers in nine states and Puerto Rico.
The Goodwin team was led by Mohammed Alvi, Stephen Pedersen, Ruby Wong and Wamiq Babul, and included Audrey Leigh, Justin Anslow, Katerina Stavrianidis, Eric Willenbacher and Chris Zhao.
For more details, read the press release.