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Ingenovis Lenders Signing Co-Op to Fortify Alliance

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An ad hoc group of lenders to Ingenovis Health is signing onto a cooperation agreement to strengthen a united front with majority lender support, according to sources.

The consortium advised by Gibson Dunn as counsel comprises close to 80% of the first lien SOFR+425 bps term loan due 2028, the sources said. The term loan paper is quoted 56/62, according to Solve.

Increased patient volumes are translating to more orders for travel nurses, but the staffing industry revenue and margin decline path have not been reversed, putting Ingenovis and its peers Medical Solutions and AMN Healthcare under pressure, an Octus, formerly Reorg, analysis noted.

Trilantic North America and Cornell Capital-backed Ingenovis disclosed double-digit declines in both third-quarter 2024 revenue and adjusted EBITDA amid softness in demand and contract rate pressure, Octus reported.

Ingenovis’ capital structure is estimated to be the following:
 

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