Arrangement of Financing for TeamHealth’s Proposed Acquisition of IPC Healthcare

On August 4, 2015, Team Health Holdings, Inc. (“TeamHealth”), a leading provider of outsourced physician staffing solutions for hospitals in the United States, announced a definitive agreement to acquire IPC Healthcare Inc., a leading national acute hospitalist and post‑acute provider organization, in an all‑cash transaction with an enterprise value of approximately $1.6 billion or $80.25 per share. Cravath is representing Citi, as arranger, in connection with the financing for TeamHealth’s proposed acquisition of IPC Healthcare, which consists of a new $965 million Tranche B term loan facility and a $545 million bridge loan facility, as well as the backstopping of TeamHealth’s existing credit facility.

The Cravath team included partners Stephen L. Burns and George E. Zobitz, senior attorney Christopher J. Kelly and associates Mark Mushkin and Erim E. Tuc. Summer associate Austin L. Lee also worked on this matter.