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One Call recapitalization cuts debt, eliminates near-term maturities
By Wendy Van Sickle
Columbus, Ohio, Oct. 25 – One Call Corp. completed a comprehensive recapitalization that has significantly strengthened its balance sheet, the company said in a news release Friday.
One Call said its outstanding debt has been reduced by nearly $1 billion, all near-term maturities have been eliminated, annual interest expense has been reduced by about $90 million, and liquidity has been substantially strengthened.
The transaction was facilitated by a new investment of $375 million led by existing lenders KKR and GSO Capital Partners, the credit-focused investment arm of Blackstone, who became shareholders at close.
The recapitalization “reduced One Call's debt and annual interest expense substantially, improved liquidity dramatically and put the business on solid financial footing for the future," Rone Baldwin, president and chief executive officer of One Call, said in the release.
One Call is a national provider of managed care solutions for injured workers and is based in Jacksonville, Fla.
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