Akumin Inc., along with its subsidiaries, announced that it has reached a significant agreement with noteholders representing more than 95 percent of its outstanding senior secured notes due in 2027 and 2028, and with Stonepeak, a prominent alternative investment firm. The agreement is designed to reduce debt, improve liquidity, and extend maturities for the senior secured notes. As part of the plan, Akumin will launch an exchange offer to issue new senior secured notes due in 2031 in return for existing notes, which will be retired. Stonepeak has also agreed to provide additional growth capital to support the company’s long-term business strategy.
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The company plans to launch the exchange offer for noteholders in January 2026. The new notes will carry a cash interest rate of 9.75 percent, which will decrease to 8.75 percent once the company achieves a predetermined credit rating. Stonepeak has committed approximately $154.5 million in new capital to support Akumin’s growth upon completion of these transactions. In addition, the company’s current revolving credit facility, with roughly $119 million expected to remain outstanding at closing, will either be fully converted into preferred equity if at least 99 percent of the senior secured notes are tendered in the exchange offer or, if that threshold is not met, will be subordinated to a second-lien position below the new notes.
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Henry Howe, Chief Executive Officer of Akumin, stated that this transaction will help the company strengthen its financial foundation while continuing to enhance essential outpatient radiology and oncology services. He expressed appreciation for the support of both bondholders and Stonepeak and emphasized that the agreement reflects the value of the services Akumin provides to health systems, hospitals, physician groups, and patients nationwide.
Graham Brown, member of the Board of Directors at Akumin and Managing Director at Stonepeak, commented that Stonepeak has long had confidence in Akumin and the critical healthcare services it delivers. He highlighted the firm’s commitment to providing growth capital and operational guidance as needed and expressed enthusiasm about supporting Akumin’s ongoing strategy for future success.
The new notes will not be registered under the Securities Act of 1933 or state securities laws and cannot be offered or sold in the United States without registration or an applicable exemption. This announcement does not constitute an offer to sell or a solicitation to buy the senior secured notes or new notes and does not allow any sale of these notes in any jurisdiction where such an offer or sale would be unlawful.
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