On February 6, 2024, Akumin Inc. (“Akumin”) completed its deleveraging and recapitalization transaction (the “Transaction”) which resulted in it becoming a privately held company (the “Reorganized Company”), wholly owned by Stonepeak Magnet Holdings LP (“Stonepeak”). The Transaction was facilitated by way of a voluntary, court-supervised restructuring process.

As part of the Transaction, $475,000,000 of previously issued senior secured notes due 2025 and $375,000,000 of previously issued senior secured notes due 2028, were exchanged for new senior secured notes of the Reorganized Company due 2027 and 2028, respectively. Holders of common shares of Akumin received a pro-rata share of $25,000,000 in cash, as well as contingent value rights. Stonepeak also agreed to invest $130 million as a capital contribution into the Reorganized Company. The transaction was supported by approximately 70 percent of the holders of 2025 notes and 80 percent of holders of 2028 notes.

Throughout the voluntary, court supervised process, Akumin continued its operations as normal and continued to pay trade creditors, employees and other partners in the ordinary course of business. As a result of the transaction, Akumin was able to avoid being liquidated and emerged from the restructuring process as the Reorganized Company, better positioned to provide health services to its clients.