We advised Rubicon Founders in connection with the transaction

Davis Polk advised Rubicon Founders LLC, as lender, in connection with an amendment and covenant waiver with respect to Cano Health’s $150 million term loan side-car credit facility. Among other things, the amendment provided for (i) a one-year waiver of the facility’s financial covenant, (ii) sale covenants requiring the company to formally launch, announce and pursue a comprehensive process to sell the company, (iii) participation rights for the lenders in certain new debt financings, (iv) a premium payment, interest rate increases and other enhanced credit protections and (v) reporting requirements under the amended credit agreement.

Cano Health is a primary-care-centric, technology-powered healthcare delivery and population health management platform and is one of the largest independent primary care physicians groups in the United States. It employs approximately 400 providers across 172 owned medical centers and is primarily focused on Medicare-eligible beneficiaries.

The Davis Polk restructuring team included partner Brian M. Resnick and associates Stephanie Massman and Audrey Youn. The finance team included counsel Bernard Tsepelman. The corporate team included partners Thomas J. Malone and Lee Hochbaum. Partner Corey M. Goodman and associate Dmitry Dobrovolskiy provided tax advice. Partner Howard Shelanski and counsel Gregory S. Morrison provided antitrust and competition advice. Members of the Davis Polk team are based in the New York and Washington DC offices.