Sonrava Health, advised by Ropes & Gray and Greenhill, has launched a liability management deal to raise capital and exchange its existing debt into a senior credit facility via a drop down structure, according to sources.

The twist on this deal is that participants are providing new capital that will be raised via a drop down of assets with sufficient value to overcollateralize both the new priority debt and a separate priority exchange loan offered at par to the entirety of the $490m term loan due August 2028, currently SOFR+450 for the main tranche.