One Call Completes Comprehensive Recapitalization

2 years ago

One Call Completes Comprehensive Recapitalization

Reduces Debt by Nearly $1 Billion and Annual Interest Expense by Approximately $90 Million; Eliminates All Near-Term Maturities; Substantially Strengthens Liquidity

New Investment of $375 Million Led by World-Class Investment Firms

Significantly Strengthened Capital Structure Better Positions One Call to Execute on Long-Term Strategy

Experience for Customers, Providers, and Injured Workers to be Further Enhanced


JACKSONVILLE, Fla., October 25, 2019 – One Call Corporation (the “Company”), the nation’s leader in ancillary services for the workers’ compensation industry, today announced the successful completion of a comprehensive recapitalization that has significantly strengthened the Company’s balance sheet.

As a result of the transaction, One Call’s outstanding debt has been reduced by nearly $1 billion, all near-term maturities have been eliminated, annual interest expense has been reduced by approximately $90 million, and liquidity has been substantially strengthened. The transaction was facilitated through a new investment of $375 million led by existing lenders KKR and GSO Capital Partners, the credit-focused investment arm of Blackstone, who became shareholders at close.

“We are thrilled to have implemented a comprehensive balance sheet solution that has reduced One Call’s debt and annual interest expense substantially, improved liquidity dramatically, and put the business on solid financial footing for the future,” said Rone Baldwin, President and Chief Executive Officer of One Call. “This is a great outcome for One Call, our employees, and all of the customers, providers, and injured workers we serve every day. As a financially stronger company backed by world-class investment firms, we are now better positioned to execute on our long-term strategy, including to further enhance the One Call experience and customer service as well as to build on our already strong market position.”

“We are pleased to support One Call through a sizeable new investment and significant deleveraging. We believe this transaction, combined with our respective firms’ investment capabilities and resources, provide a strong future for the Company, its team, and its customers,” said Daniel Pietrzak, Co-Head of Private Credit at KKR, and David Posnick, Senior Managing Director at GSO.

One Call continues to make significant strides in elevating the experience it delivers to its customers, providers, and the injured workers it serves. The Company recently has transformed its service structure to introduce tailored delivery models that address the unique needs of various customer types, resulting in improved quality scores. One Call’s proprietary Polaris® technology platform, which enables a streamlined experience for users, has garnered a satisfaction rating of 4.8 out of 5 stars. Further, the Company continues to deliver injured worker-centric solutions through its CarePath® offerings that feature a Care Navigator℠ to ensure injured workers receive appropriate care.

Baldwin concluded, “At One Call, we take great pride in ensuring that the injured workers we serve get the care they need, when they need it, while we reduce the administrative burden on and costs for our customers. Through a combination of technology, service delivery innovation, and clinical partnership, we are committed to continuing to raise the bar as the go-to provider of ancillary services for the workers’ compensation industry. We are excited about the advancements that lie ahead for One Call.”

Centerview Partners, Kirkland & Ellis LLP, and AlixPartners LLP served as advisors to the Company on the transaction.


Media Contact:

Jessica Taft

One Call, Vice President, Marketing and Branding

(904) 576-0113

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