SOLIC Capital Advisors Closes $60.1 Million Financing for Thomas Health

Transaction Allows Thomas Health to Successfully Emerge from Bankruptcy and Continue Operations

SOLIC Capital Advisors, a leading middle market financial advisory firm providing restructuring, investment banking and distressed asset support services, today announced that it has successfully closed a financing transaction to allow Thomas Health to emerge from bankruptcy. The firm served as investment banking and financial restructuring advisor to Thomas Health in this transaction. Thomas Health operates as an integrated health system with 383 licensed beds across two acute care hospitals, Thomas Memorial Hospital and Saint Francis Hospital, with 1,650 employees and 310 physicians. Thomas Health serves approximately 275,000 patients annually in the greater Charleston and Kanawha Valley regions of West Virginia, such regions comprising the largest healthcare market in the State.

The transaction involved the placement of $60.1 million in tax-exempt bond financing providing a solution for Thomas Health to exit from Chapter 11, just eight months after it sought protection to address its long-term debt. Rosemawr Management LLC, an alternative investment firm focused exclusively on investing in the U.S. municipal market, purchased the bonds providing exit financing for Thomas Health. This transaction solution allows the organization to reduce its senior secured debt burden, eliminate a $70+ million pension liability and address unsecured creditor obligations, while also providing Thomas Health significant financial flexibility going forward in order to reinvest in its facilities and service offerings.

"We began the restructuring process with an effort to strengthen our balance sheet for long-term growth to support each of the communities we serve," said Dan Lauffer, President & CEO of Thomas Health. "In working with SOLIC Capital Advisors, we are grateful for their leadership and guidance enabling us to mitigate challenges associated with Covid-19's impact on the transaction process and achieve our goal in just eight months. SOLIC Capital Advisors was an invaluable partner leading a transaction outcome that allows us to continue to support not only our communities and patients, but also our highly skilled physicians and employees."

"This resolution allows Thomas Health to resume operations, reinvest in its infrastructure and positions the organization for long-term success," said Matt Caine, Managing Director at SOLIC Capital Advisors. "Chapter 11 can be very trying for all involved parties, and we worked closely with Thomas Health advising the organization in leading a competitive process and achieving a favorable outcome, particularly in this market environment."

Throughout this evaluative process, including the Chapter 11 bankruptcy filing, Whiteford Taylor & Preston, LLP served as legal counsel, Force Ten Partners, LLC served as financial advisor, and Jackson Kelly PLLC served as bond counsel.

About SOLIC

SOLIC Capital Advisors ("SOLIC") is a leading middle market financial advisory firm providing restructuring, investment banking and distressed asset support services to companies, lenders, institutional investors, the legal community and other creditor constituencies. SOLIC provides creative solutions to complex challenges by combining market knowledge with deep industry expertise to realize value and deliver results for our clients. SOLIC's multi-disciplinary team has successfully led nearly 600 mandates, involving in excess of $150 billion in capitalization, across a wide array of industry sectors, creating significant stakeholder value.

Our firm offers a comprehensive suite of services to assist our clients including: SOLIC Capital Advisors (financial advisory), SOLIC Capital, LLC (FINRA Registered Broker/Dealer), SOLIC Capital Management (asset management services and Registered Investment Advisor - RIA), and SOLIC Capital Partners (principal investing). To learn more, please visit www.soliccapital.com.

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