[SCHEDULE 13D/A] GoHealth, Inc. SEC Filing
Amendment No. 5 to the Schedule 13D discloses a Superpriority Senior Secured Term Loan package totaling $115.0 million for Norvax, LLC, comprised of $80.0 million new-money term loans (with $40.0 million funded immediately and $40.0 million as delayed-draw availability) and $35.0 million of roll-up term loans from conversion of existing Class A revolving loans.
The related amendment to the existing credit agreement terminates Class A-1 and Class A revolving commitments, extends the maturity of remaining Class A revolving loans to August 5, 2029, permits pay-in-kind interest with an accrual rate of Adjusted Term SOFR + 8.00% (with at least Adjusted Term SOFR + 4.50% paid in cash), and waives amortization of existing term loans until December 31, 2026. As consideration, the issuer issued 4,766,219 Class A shares to certain lenders, representing 19.99% of the combined issued and outstanding Class A and Class B common stock, with customary registration rights. The Board appointed three new directors and three existing directors resigned.
Reporting Persons disclose beneficial ownership stakes in Class A common stock: CCP III Cayman GP Ltd. 9,566,028 shares (45.0%), CB Blizzard Holdings C 1,467,653 shares (9.2%), Centerbridge Associates III, L.P. and related entities 2,712,197 shares (17.1%), Blizzard Aggregator, LLC 5,386,178 shares (25.3%), and Jeffrey H. Aronson 9,566,028 shares (45.0%). The filing states the group may be deemed to collectively beneficially own 16,007,486 shares, approximately 58.3% of 15,881,344 reported Class A shares outstanding.
Emendamento n. 5 al Schedule 13D rivela un pacchetto di prestiti a termine senior garantiti con superpriorità per Norvax, LLC per un totale di $115.0 million, composto da $80.0 million di nuovi prestiti a termine (con $40.0 million erogati immediatamente e $40.0 million come disponibilità a prelievo differito) e $35.0 million di prestiti a termine roll-up derivanti dalla conversione degli attuali prestiti revolving di Classe A.
La modifica correlata al contratto di credito esistente annulla gli impegni revolving di Classe A-1 e Classe A, proroga la scadenza dei restanti prestiti revolving di Classe A al 5 agosto 2029, consente interessi capitalizzati (pay-in-kind) con un tasso di accumulo pari a Adjusted Term SOFR + 8.00% (con almeno Adjusted Term SOFR + 4.50% pagati in contanti) e rinuncia all'ammortamento degli attuali prestiti a termine fino al 31 dicembre 2026. In cambio, l'emittente ha emesso 4.766.219 azioni di Classe A a determinati finanziatori, rappresentanti il 19,99% del capitale sociale combinato di Classe A e B, con i consueti diritti di registrazione. Il Consiglio di Amministrazione ha nominato tre nuovi amministratori e tre amministratori in carica si sono dimessi.
I soggetti segnalanti dichiarano partecipazioni beneficiarie in azioni ordinarie di Classe A: CCP III Cayman GP Ltd. 9.566.028 azioni (45,0%), CB Blizzard Holdings C 1.467.653 azioni (9,2%), Centerbridge Associates III, L.P. e entità correlate 2.712.197 azioni (17,1%), Blizzard Aggregator, LLC 5.386.178 azioni (25,3%) e Jeffrey H. Aronson 9.566.028 azioni (45,0%). Il deposito indica che il gruppo potrebbe essere considerato titolare collettivo di 16.007.486 azioni, circa il 58,3% delle 15.881.344 azioni Classe A riportate in circolazione.
Enmienda n.º 5 al Schedule 13D revela un paquete de préstamos a término senior garantizados con superprioridad para Norvax, LLC por un total de $115.0 million, compuesto por $80.0 million de préstamos a término de nueva financiación (con $40.0 million desembolsados inmediatamente y $40.0 million disponibles como línea de disposición diferida) y $35.0 million de préstamos a término roll-up procedentes de la conversión de los préstamos revolventes de Clase A existentes.
La enmienda relacionada al acuerdo de crédito existente termina los compromisos revolventes de Clase A-1 y Clase A, extiende el vencimiento de los préstamos revolventes restantes de Clase A hasta el 5 de agosto de 2029, permite intereses pay-in-kind con una tasa de acumulación de Adjusted Term SOFR + 8.00% (con al menos Adjusted Term SOFR + 4.50% pagados en efectivo) y renuncia a la amortización de los préstamos a término existentes hasta el 31 de diciembre de 2026. Como contraprestación, el emisor emitió 4.766.219 acciones de Clase A a determinados prestamistas, representando el 19,99% del capital social combinado de Clase A y B, con los habituales derechos de registro. La Junta nombró tres nuevos directores y tres directores existentes renunciaron.
Las personas informantes declaran participaciones beneficiarias en acciones ordinarias Clase A: CCP III Cayman GP Ltd. 9.566.028 acciones (45,0%), CB Blizzard Holdings C 1.467.653 acciones (9,2%), Centerbridge Associates III, L.P. y entidades relacionadas 2.712.197 acciones (17,1%), Blizzard Aggregator, LLC 5.386.178 acciones (25,3%) y Jeffrey H. Aronson 9.566.028 acciones (45,0%). La presentación indica que el grupo podría considerarse propietario colectivo de 16.007.486 acciones, aproximadamente el 58,3% de las 15.881.344 acciones Clase A reportadas en circulación.
Schedule 13D� 대� 수정�(수정번호 5)은 Norvax, LLC� 대� 총액 $115.0 million 규모� 슈퍼프라이어리티 선순� 담보 만기 대� 패키지� 공시합니�. 이는 $40.0 million� 즉시 실행되고 $40.0 million� 지� 인출 가� 형태� $80.0 million� 신규 만기 대출과 기존 클래� A 리볼� 대출을 전환� $35.0 million� 롤업(roll-up) 만기 대출로 구성됩니�.
기존 신용계약� 대� 관� 수정안은 클래� A-1 � 클래� A 리볼� 약정� 종료하고, 남아 있는 클래� A 리볼� 대출의 만기� 2029� 8� 5�� 연장하며, 누적 이자(pay-in-kind)� 허용하되 누적률은 Adjusted Term SOFR + 8.00%이고 최소� Adjusted Term SOFR + 4.50%� 현금으로 지급하도록 규정합니�. 또한 기존 만기 대출의 원금 상환(상각)� 2026� 12� 31�까지 유예합니�. 대가� 발행사는 특정 대주에� 4,766,219주의 클래� A 주식� 발행했으�, 이는 클래� A � B 보통주의 합계 발행주식 � 19.99%� 해당하고 통상적인 등록권이 부여되었습니다. 이사회는 신규 이사 3명을 선임했고 기존 이사 3명은 사임했습니다.
보고인들은 클래� A 보통주에 대� 실질� 소유� 다음� 같이 공시합니�: CCP III Cayman GP Ltd. 9,566,028� (45.0%), CB Blizzard Holdings C 1,467,653� (9.2%), Centerbridge Associates III, L.P. � 관� 기관 2,712,197� (17.1%), Blizzard Aggregator, LLC 5,386,178� (25.3%), � Jeffrey H. Aronson 9,566,028� (45.0%). 제출서류� � 그룹� 합쳐� 16,007,486�, � 보고� 클래� A 발행주식 15,881,344주의 � 58.3%� 실질적으� 보유� 것으� 간주� � 있음� 밝힙니다.
Amendement n°5 au Schedule 13D révèle un paquet de prêts à terme senior garantis avec super-priorité pour Norvax, LLC d'un montant total de $115.0 million, composé de $80.0 million de prêts à terme « new-money » (dont $40.0 million financés immédiatement et $40.0 million disponibles en tirage différé) et de $35.0 million de prêts à terme roll-up résultant de la conversion des lignes de crédit renouvelables de Classe A existantes.
L'amendement du contrat de crédit existant met fin aux engagements renouvelables de Classe A-1 et Classe A, prolonge l'échéance des lignes renouvelables Classe A restantes au 5 août 2029, permet des intérêts capitalisés (pay-in-kind) à un taux d'accumulation de Adjusted Term SOFR + 8.00% (avec au moins Adjusted Term SOFR + 4.50% payés en espèces) et renonce à l'amortissement des prêts à terme existants jusqu'au 31 décembre 2026. En contrepartie, l'émetteur a émis 4.766.219 actions de Classe A à certains prêteurs, représentant 19,99% du capital social combiné Classe A et B, avec les droits d'enregistrement habituels. Le conseil d'administration a nommé trois nouveaux administrateurs et trois administrateurs en poste ont démissionné.
Les personnes déclarantes divulguent des participations bénéficiaires en actions ordinaires de Classe A : CCP III Cayman GP Ltd. 9.566.028 actions (45,0%), CB Blizzard Holdings C 1.467.653 actions (9,2%), Centerbridge Associates III, L.P. et entités liées 2.712.197 actions (17,1%), Blizzard Aggregator, LLC 5.386.178 actions (25,3%) et Jeffrey H. Aronson 9.566.028 actions (45,0%). Le dépôt indique que le groupe pourrait être réputé détenir collectivement 16.007.486 actions, soit environ 58,3% des 15.881.344 actions de Classe A déclarées en circulation.
Nachtrag Nr. 5 zum Schedule 13D legt ein Superpriority Senior Secured Term Loan-Paket für Norvax, LLC in Höhe von insgesamt $115.0 million offen, bestehend aus $80.0 million an neuen Term Loans (wobei $40.0 million sofort ausgezahlt und $40.0 million als verzögert abrufbare Verfügung bereitgestellt werden) und $35.0 million an Roll-up-Term Loans durch Umwandlung bestehender revolvierender Klasse-A-Kredite.
Die zugehörige Änderung des bestehenden Kreditvertrags beendet die revolvierenden Verpflichtungen der Klassen A-1 und A, verlängert die Fälligkeit der verbleibenden revolvierenden Klasse-A-Kredite bis zum 5. August 2029, erlaubt kapitalisierte Zinszahlungen (pay-in-kind) mit einem Aufzinsungssatz von Adjusted Term SOFR + 8.00% (wobei mindestens Adjusted Term SOFR + 4.50% bar zu zahlen sind) und hebt die Amortisation der bestehenden Term Loans bis zum 31. Dezember 2026 auf. Als Gegenleistung hat der Emittent 4.766.219 Klasse-A-Aktien an bestimmte Kreditgeber ausgegeben, was 19,99% des kombinierten ausgegebenen und ausstehenden Stammkapitals der Klassen A und B darstellt, mit den üblichen Registrierungsrechten. Der Vorstand ernannte drei neue Direktoren und drei bestehende Direktoren traten zurück.
Die meldenden Personen geben wirtschaftliche Eigentumsanteile an Klasse-A-Stammaktien an: CCP III Cayman GP Ltd. 9.566.028 Aktien (45,0%), CB Blizzard Holdings C 1.467.653 Aktien (9,2%), Centerbridge Associates III, L.P. und verbundene Einheiten 2.712.197 Aktien (17,1%), Blizzard Aggregator, LLC 5.386.178 Aktien (25,3%) und Jeffrey H. Aronson 9.566.028 Aktien (45,0%). Die Einreichung weist darauf hin, dass die Gruppe gemeinsam 16.007.486 Aktien, etwa 58,3% der gemeldeten 15.881.344 ausstehenden Klasse-A-Aktien, wirtschaftlich besitzen könnte.
- $115.0 million superpriority facility provides immediate liquidity through a mix of new-money term loans and roll-up of existing revolver exposure
- Delayed-draw structure allows the borrower to access an additional $40.0 million in staged amounts, with explicit availability caps prior to full funding
- Issuance of 4,766,219 subscription shares includes customary registration rights, which may facilitate eventual public liquidity for those shares
- Amendment removes certain restrictive covenants and extends maturity of remaining revolver loans to August 5, 2029, creating near-term flexibility
- Lenders received equity equal to 19.99% of combined Class A and B stock, representing material dilution to existing shareholders
- The superpriority loan accrues interest at Adjusted Term SOFR + 8.00% with a pay-in-kind component, increasing the effective cost of capital
- Priming loan's superpriority status changes creditor recovery priorities and may subordinate existing claimants unless otherwise addressed
- Board composition changed with three directors appointed and three resignations, representing a material governance shift
Insights
TL;DR: Credit priming and equity issuance materially alter capital structure and dilute public holders while providing near-term liquidity.
The priming facility and Amendment restructure the borrower’s secured debt by creating a superpriority tranche and converting existing revolver exposure into term debt, delivering $115.0 million of incremental secured financing. The economics are costly: interest accrues at Adjusted Term SOFR + 8.00% with a substantial pay-in-kind component, and amortization is waived until 2026. Lenders received 4,766,219 subscription shares equal to 19.99% of combined Class A/B stock, which is significant dilution. For minority public holders this increases secured creditor recoveries ahead of existing claims and dilutes equity stakes; however, it also supplies immediate liquidity that may avert more disruptive outcomes.
TL;DR: Transaction is materially impactful; it secures additional funding and governance changes enabling creditor-lender alignment.
The combination of a superpriority priming loan, roll-up of existing revolver debt and issuance of equity to lenders represents a comprehensive recapitalization step. Term and covenant modifications, including removal of certain covenants and extended maturities, create breathing room for operations and potential strategic options. Board composition changes tied to the transactions align governance with consenting creditors. These features make the transaction highly material to stakeholders and likely to influence future restructuring or strategic outcomes.
Emendamento n. 5 al Schedule 13D rivela un pacchetto di prestiti a termine senior garantiti con superpriorità per Norvax, LLC per un totale di $115.0 million, composto da $80.0 million di nuovi prestiti a termine (con $40.0 million erogati immediatamente e $40.0 million come disponibilità a prelievo differito) e $35.0 million di prestiti a termine roll-up derivanti dalla conversione degli attuali prestiti revolving di Classe A.
La modifica correlata al contratto di credito esistente annulla gli impegni revolving di Classe A-1 e Classe A, proroga la scadenza dei restanti prestiti revolving di Classe A al 5 agosto 2029, consente interessi capitalizzati (pay-in-kind) con un tasso di accumulo pari a Adjusted Term SOFR + 8.00% (con almeno Adjusted Term SOFR + 4.50% pagati in contanti) e rinuncia all'ammortamento degli attuali prestiti a termine fino al 31 dicembre 2026. In cambio, l'emittente ha emesso 4.766.219 azioni di Classe A a determinati finanziatori, rappresentanti il 19,99% del capitale sociale combinato di Classe A e B, con i consueti diritti di registrazione. Il Consiglio di Amministrazione ha nominato tre nuovi amministratori e tre amministratori in carica si sono dimessi.
I soggetti segnalanti dichiarano partecipazioni beneficiarie in azioni ordinarie di Classe A: CCP III Cayman GP Ltd. 9.566.028 azioni (45,0%), CB Blizzard Holdings C 1.467.653 azioni (9,2%), Centerbridge Associates III, L.P. e entità correlate 2.712.197 azioni (17,1%), Blizzard Aggregator, LLC 5.386.178 azioni (25,3%) e Jeffrey H. Aronson 9.566.028 azioni (45,0%). Il deposito indica che il gruppo potrebbe essere considerato titolare collettivo di 16.007.486 azioni, circa il 58,3% delle 15.881.344 azioni Classe A riportate in circolazione.
Enmienda n.º 5 al Schedule 13D revela un paquete de préstamos a término senior garantizados con superprioridad para Norvax, LLC por un total de $115.0 million, compuesto por $80.0 million de préstamos a término de nueva financiación (con $40.0 million desembolsados inmediatamente y $40.0 million disponibles como línea de disposición diferida) y $35.0 million de préstamos a término roll-up procedentes de la conversión de los préstamos revolventes de Clase A existentes.
La enmienda relacionada al acuerdo de crédito existente termina los compromisos revolventes de Clase A-1 y Clase A, extiende el vencimiento de los préstamos revolventes restantes de Clase A hasta el 5 de agosto de 2029, permite intereses pay-in-kind con una tasa de acumulación de Adjusted Term SOFR + 8.00% (con al menos Adjusted Term SOFR + 4.50% pagados en efectivo) y renuncia a la amortización de los préstamos a término existentes hasta el 31 de diciembre de 2026. Como contraprestación, el emisor emitió 4.766.219 acciones de Clase A a determinados prestamistas, representando el 19,99% del capital social combinado de Clase A y B, con los habituales derechos de registro. La Junta nombró tres nuevos directores y tres directores existentes renunciaron.
Las personas informantes declaran participaciones beneficiarias en acciones ordinarias Clase A: CCP III Cayman GP Ltd. 9.566.028 acciones (45,0%), CB Blizzard Holdings C 1.467.653 acciones (9,2%), Centerbridge Associates III, L.P. y entidades relacionadas 2.712.197 acciones (17,1%), Blizzard Aggregator, LLC 5.386.178 acciones (25,3%) y Jeffrey H. Aronson 9.566.028 acciones (45,0%). La presentación indica que el grupo podría considerarse propietario colectivo de 16.007.486 acciones, aproximadamente el 58,3% de las 15.881.344 acciones Clase A reportadas en circulación.
Schedule 13D� 대� 수정�(수정번호 5)은 Norvax, LLC� 대� 총액 $115.0 million 규모� 슈퍼프라이어리티 선순� 담보 만기 대� 패키지� 공시합니�. 이는 $40.0 million� 즉시 실행되고 $40.0 million� 지� 인출 가� 형태� $80.0 million� 신규 만기 대출과 기존 클래� A 리볼� 대출을 전환� $35.0 million� 롤업(roll-up) 만기 대출로 구성됩니�.
기존 신용계약� 대� 관� 수정안은 클래� A-1 � 클래� A 리볼� 약정� 종료하고, 남아 있는 클래� A 리볼� 대출의 만기� 2029� 8� 5�� 연장하며, 누적 이자(pay-in-kind)� 허용하되 누적률은 Adjusted Term SOFR + 8.00%이고 최소� Adjusted Term SOFR + 4.50%� 현금으로 지급하도록 규정합니�. 또한 기존 만기 대출의 원금 상환(상각)� 2026� 12� 31�까지 유예합니�. 대가� 발행사는 특정 대주에� 4,766,219주의 클래� A 주식� 발행했으�, 이는 클래� A � B 보통주의 합계 발행주식 � 19.99%� 해당하고 통상적인 등록권이 부여되었습니다. 이사회는 신규 이사 3명을 선임했고 기존 이사 3명은 사임했습니다.
보고인들은 클래� A 보통주에 대� 실질� 소유� 다음� 같이 공시합니�: CCP III Cayman GP Ltd. 9,566,028� (45.0%), CB Blizzard Holdings C 1,467,653� (9.2%), Centerbridge Associates III, L.P. � 관� 기관 2,712,197� (17.1%), Blizzard Aggregator, LLC 5,386,178� (25.3%), � Jeffrey H. Aronson 9,566,028� (45.0%). 제출서류� � 그룹� 합쳐� 16,007,486�, � 보고� 클래� A 발행주식 15,881,344주의 � 58.3%� 실질적으� 보유� 것으� 간주� � 있음� 밝힙니다.
Amendement n°5 au Schedule 13D révèle un paquet de prêts à terme senior garantis avec super-priorité pour Norvax, LLC d'un montant total de $115.0 million, composé de $80.0 million de prêts à terme « new-money » (dont $40.0 million financés immédiatement et $40.0 million disponibles en tirage différé) et de $35.0 million de prêts à terme roll-up résultant de la conversion des lignes de crédit renouvelables de Classe A existantes.
L'amendement du contrat de crédit existant met fin aux engagements renouvelables de Classe A-1 et Classe A, prolonge l'échéance des lignes renouvelables Classe A restantes au 5 août 2029, permet des intérêts capitalisés (pay-in-kind) à un taux d'accumulation de Adjusted Term SOFR + 8.00% (avec au moins Adjusted Term SOFR + 4.50% payés en espèces) et renonce à l'amortissement des prêts à terme existants jusqu'au 31 décembre 2026. En contrepartie, l'émetteur a émis 4.766.219 actions de Classe A à certains prêteurs, représentant 19,99% du capital social combiné Classe A et B, avec les droits d'enregistrement habituels. Le conseil d'administration a nommé trois nouveaux administrateurs et trois administrateurs en poste ont démissionné.
Les personnes déclarantes divulguent des participations bénéficiaires en actions ordinaires de Classe A : CCP III Cayman GP Ltd. 9.566.028 actions (45,0%), CB Blizzard Holdings C 1.467.653 actions (9,2%), Centerbridge Associates III, L.P. et entités liées 2.712.197 actions (17,1%), Blizzard Aggregator, LLC 5.386.178 actions (25,3%) et Jeffrey H. Aronson 9.566.028 actions (45,0%). Le dépôt indique que le groupe pourrait être réputé détenir collectivement 16.007.486 actions, soit environ 58,3% des 15.881.344 actions de Classe A déclarées en circulation.
Nachtrag Nr. 5 zum Schedule 13D legt ein Superpriority Senior Secured Term Loan-Paket für Norvax, LLC in Höhe von insgesamt $115.0 million offen, bestehend aus $80.0 million an neuen Term Loans (wobei $40.0 million sofort ausgezahlt und $40.0 million als verzögert abrufbare Verfügung bereitgestellt werden) und $35.0 million an Roll-up-Term Loans durch Umwandlung bestehender revolvierender Klasse-A-Kredite.
Die zugehörige Änderung des bestehenden Kreditvertrags beendet die revolvierenden Verpflichtungen der Klassen A-1 und A, verlängert die Fälligkeit der verbleibenden revolvierenden Klasse-A-Kredite bis zum 5. August 2029, erlaubt kapitalisierte Zinszahlungen (pay-in-kind) mit einem Aufzinsungssatz von Adjusted Term SOFR + 8.00% (wobei mindestens Adjusted Term SOFR + 4.50% bar zu zahlen sind) und hebt die Amortisation der bestehenden Term Loans bis zum 31. Dezember 2026 auf. Als Gegenleistung hat der Emittent 4.766.219 Klasse-A-Aktien an bestimmte Kreditgeber ausgegeben, was 19,99% des kombinierten ausgegebenen und ausstehenden Stammkapitals der Klassen A und B darstellt, mit den üblichen Registrierungsrechten. Der Vorstand ernannte drei neue Direktoren und drei bestehende Direktoren traten zurück.
Die meldenden Personen geben wirtschaftliche Eigentumsanteile an Klasse-A-Stammaktien an: CCP III Cayman GP Ltd. 9.566.028 Aktien (45,0%), CB Blizzard Holdings C 1.467.653 Aktien (9,2%), Centerbridge Associates III, L.P. und verbundene Einheiten 2.712.197 Aktien (17,1%), Blizzard Aggregator, LLC 5.386.178 Aktien (25,3%) und Jeffrey H. Aronson 9.566.028 Aktien (45,0%). Die Einreichung weist darauf hin, dass die Gruppe gemeinsam 16.007.486 Aktien, etwa 58,3% der gemeldeten 15.881.344 ausstehenden Klasse-A-Aktien, wirtschaftlich besitzen könnte.