02:59 PM EDT, 05/20/2024 (MT Newswires) -- Blackstone (BX) met the bulk of Press Ganey's financing needs after buying $600 million of the healthcare company's preferred-equity in a roughly $1 billion offering, Bloomberg reported Monday, citing people familiar with the matter.

The asset manager also granted the company's owners rare provisions that would enable them to sell a stake in the business or list it over the coming months, the report said.

Those provisions include giving Press Ganey the ability to pay back its obligations using proceeds from an initial public offering or sale of minority stake for a period of up to 18 months, the report said. Blackstone declined to comment to Bloomberg.

Blackstone and Press Ganey did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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