Onex-Backed Carestream Raises Debt for $725M Distribution

Rochester, New York-based Carestream Health Inc., a medical imaging systems provider, and portfolio company of Onex Corp., has raised US$2.4 billion of debt to fund a US$725 million distribution to shareholders. The new debt will also help refinance existing debt facilities and pay recapitalization expenses. Combined with prior distributions, Onex will have received approximately US$1.2 billion in total, representing a 2.6X gross multiple of invested capital and a 22% cash-on-cash rate of return, and will continue to own approximately 91% of Carestream.

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