Financial Advisor to Tower Health

GLC Advisors Transaction Closing Announcement

Tower Health (“Tower”), an integrated 1,200-bed regional health system based in Reading, PA, successfully completed a recapitalization through a comprehensive exchange of over $1bn of outstanding bonds and a new $157.5mm financing. The transaction significantly strengthened Tower’s balance sheet, providing sufficient liquidity and runway for Tower to continue its impressive turnaround.

GLC served as Financial Advisor to the Bond Trustee and an ad hoc group of bondholders (the “AHG”) holding more than 84% of Tower’s $1.2bn of outstanding bonds. The public exchange offer was open to all bondholders and was accepted by 92% of outstanding bonds. Concurrently, the AHG and other participating bondholders provided $157.5mm of new financing to bolster Tower’s near-term liquidity.

GLC is a registered Municipal Advisor with the MSRB and SEC and maintains a core focus on the tax-exempt financial markets.

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GLC’s Healthcare Coverage Team GLC brings a distinctive and dedicated approach to coverage of the Healthcare sector. Our professionals have advised on a range of complex transactions including M&A, debt financing and restructuring & recapitalizations, and our institutional knowledge spans the full spectrum of sub-sectors in this constantly evolving industry. Our clients include corporations, creditors, entrepreneurs, and financial sponsors. Alex Geier  /  Managing Director Alex.Geier@glca.com Sean Cannon  /  Managing Director Sean.Cannon@glca.com  Soren Reynertson  /  Managing Director Soren.Reynertson@glca.com Michael Sellinger /  Managing Director Michael.Sellinger@glca.com Jason Leshner /  Vice President Jason.leshner@glca.com GLC Advisors & Co. GLC Advisors & Co. delivers objective, senior-level expertise to clients through a variety of advisory assignments including: mergers & acquisitions, equity and debt capital advisories, restructurings/recapitalizations, fairness opinions, and valuations. Offices are located in New York, Denver, Los Angeles and San Francisco. For more information, visit www.glca.com.

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