Covington Represents Ascension and TowerBrook in Conversion Agreement

Covington Represents Ascension and TowerBrook in Conversion Agreement

January 6, 2021

NEW YORK—Covington represented Ascension Health Alliance and TowerBrook Capital Partners L.P., joint owners of an investment vehicle, in an agreement with R1 RCM Inc., a provider of technology-enabled revenue cycle management services to healthcare workers, for the conversion of the 8% Series A Convertible Preferred Stock held by the joint investment vehicle to common stock. As part of the conversion agreement, the joint investment vehicle will receive approximately 139.3 million shares of common stock and a one-time $105 million cash payment.

The Covington team representing Ascension and TowerBrook included Stephen Infante and Megan Woodford.