Sound Inpatient Physicians Finalizes $1 Billion Private Refinancing

Sound Inpatient Physicians Inc. is finalizing a $1 billion refinancing agreement with its existing lenders, including Monarch Alternative Capital and PGIM. The deal is expected to close next week and will extend the company's debt maturity by five years.

The company shifted to this private debt arrangement after failing to generate sufficient investor demand in the syndicated loan market during June. Under the terms of the new agreement, the interest rate is set at 6 percentage points above the benchmark.