Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
R1 RCM INC.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
77634L 105
(CUSIP Number)
Glenn Miller
c/o TowerBrook Capital Partners L.P.
Park Avenue Tower
65 East 55th Street, 19th Floor
New York, NY 10022
(212) 699-2200
Copy to:
Steven A. Cohen
Victor Goldfeld
Elina Tetelbaum
Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, NY 10019
(212) 403-1000
Christine McCoy
c/o Ascension Health Alliance
101 S. Hanley Road, Suite 450
St. Louis, MO 63105
(314) 733-8000
Copy to:
Stephen A. Infante
Covington & Burling LLP
620 Eighth Avenue
New York, NY 10018
(212) 841-1000
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
March 11, 2024
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section of the Exchange Act but shall be subject to all other provisions of the Exchange Act (however, see the Notes).
CUSIP No. 77634L 105 |
---|
1. | NAMES OF REPORTING PERSONS TCP-ASC ACHI Series LLLP |
2. | CHECK THE APPROPRIATE
BOX IF A MEMBER OF A GROUP (see instructions) (a) x (b) ¨ |
3. | SEC USE ONLY |
4. | SOURCE OF FUNDS (see instructions) OO |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨ |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7. | SOLE VOTING POWER 0 |
8. | SHARED VOTING POWER 164,754,055 (1) | |
9. | SOLE DISPOSITIVE POWER 0 | |
10. |
SHARED DISPOSITIVE POWER
164,754,055 (1) |
11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Common Stock: 164,754,055 (1) |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ¨ |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Common Stock: 35.8% (1) (2) |
14. | TYPE OF REPORTING PERSON (see instructions) PN |
(1) Consists of 124,289,200 shares of Common Stock and 40,464,855 shares of Common Stock issuable upon exercise of the Warrant.
(2) For purposes of calculating beneficial ownership of the Reporting Person, the total number of shares of Common Stock outstanding is based on (1) 420,280,234 shares of Common Stock outstanding as of February 23, 2024 as reported by the Issuer in its Annual Report on Form 10-K filed with the Securities and Exchange Commission (th e “SEC”) on February 27, 2024 and (2) 40,464,855 shares of Common Stock issuable upon exercise of the Warrant (see Note 1).
CUSIP No. 77634L 105 |
---|
1. | NAMES OF REPORTING PERSONS TCP-ASC GP, LLC |
2. | CHECK THE APPROPRIATE
BOX IF A MEMBER OF A GROUP (see instructions) (a) x (b) ¨ |
3. | SEC USE ONLY |
4. | SOURCE OF FUNDS (see instructions) OO |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨ |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7. | SOLE VOTING POWER 0 | |
8. | SHARED VOTING POWER 164,754,055 (1) | ||
9. | SOLE DISPOSITIVE POWER 0 | ||
10. | SHARED DISPOSITIVE POWER 164,754,055 (1) |
11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Common Stock: 164,754,055 (1) |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ¨ |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Common Stock: 35.8% (1) (2) |
14. | TYPE OF REPORTING PERSON (see instructions) OO |
(1) Consists of 124,289,200 shares of Common Stock and 40,464,855 shares of Common Stock issuable upon exercise of the Warrant.
(2) For purposes of calculating beneficial ownership of the Reporting Person, the total number of shares of Common Stock outstanding is based on (1) 420,280,234 shares of Common Stock outstanding as of February 23, 2024 as reported by the Issuer in its Annual Report on Form 10-K filed with the SEC on February 27, 2024 and (2) 40,464,855 shares of Common Stock issuable upon exercise of the Warrant (see Note 1).
CUSIP No. 77634L 105 |
---|
1. | NAMES OF REPORTING PERSONS TI IV ACHI Holdings GP, LLC |
2. | CHECK THE APPROPRIATE
BOX IF A MEMBER OF A GROUP (see instructions) (a) x (b) ¨ |
3. | SEC USE ONLY |
4. | SOURCE OF FUNDS (see instructions) OO |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨ |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7. | SOLE VOTING POWER 0 | |
8. | SHARED VOTING POWER 164,754,055 (1) | ||
9. | SOLE DISPOSITIVE POWER 0 | ||
10. | SHARED DISPOSITIVE POWER 164,754,055 (1) |
11. | AGGREGATE AMOUNT BENEFICIALLY
OWNED BY EACH REPORTING PERSON Common Stock: 164,754,055 (1) (3) |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ¨ |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Common Stock: 35.8% (1) (2) |
14. | TYPE OF REPORTING PERSON (see instructions) OO |
(1) Consists of 124,289,200 shares of Common Stock and 40,464,855 shares of Common Stock issuable upon exercise of the Warrant.
(2) For purposes of calculating beneficial ownership of the Reporting Person, the total number of shares of Common Stock outstanding is based on (1) 420,280,234 shares of Common Stock outstanding as of February 23, 2024 as reported by the Issuer in its Annual Report on Form 10-K filed with the SEC on February 27, 2024 and (2) 40,464,855 shares of Common Stock issuable upon exercise of the Warrant (see Note 1).
(3) TI IV ACHI Holdings GP, LLC disclaims beneficial ownership of 75,889,325 shares of Common Stock held directly by Series AS (as defined in Item 6 herein).
CUSIP No. 77634L 105 |
---|
1. | NAMES OF REPORTING PERSONS TI IV ACHI Holdings, LP |
2. | CHECK THE APPROPRIATE
BOX IF A MEMBER OF A GROUP (see instructions) (a) x (b) ¨ |
3. | SEC USE ONLY |
4. | SOURCE OF FUNDS (see instructions) OO |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨ |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7. | SOLE VOTING POWER 0 | |
8. | SHARED VOTING POWER 164,754,055 (1) | ||
9. | SOLE DISPOSITIVE POWER 0 | ||
10. | SHARED DISPOSITIVE POWER 164,754,055 (1) |
11. | AGGREGATE AMOUNT BENEFICIALLY
OWNED BY EACH REPORTING PERSON Common Stock: 164,754,055 (1) (3) |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ¨ |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Common Stock: 35.8% (1) (2) |
14. | TYPE OF REPORTING PERSON (see instructions) PN |
(1) Consists of 124,289,200 shares of Common Stock and 40,464,855 shares of Common Stock issuable upon exercise of the Warrant.
(2) For purposes of calculating beneficial ownership of the Reporting Person, the total number of shares of Common Stock outstanding is based on (1) 420,280,234 shares of Common Stock outstanding as of February 23, 2024 as reported by the Issuer in its Annual Report on Form 10-K filed with the SEC on February 27, 2024 and (2) 40,464,855 shares of Common Stock issuable upon exercise of the Warrant (see Note 1).
(3) TI IV ACHI Holdings, LP disclaims beneficial ownership of 75,889,325 shares of Common Stock held directly by Series AS (as defined in Item 6 herein).
CUSIP No. 77634L 105 |
---|
1. | NAMES OF REPORTING PERSONS TowerBrook Investors Ltd. |
2. | CHECK THE APPROPRIATE
BOX IF A MEMBER OF A GROUP (see instructions) (a) x (b) ¨ |
3. | SEC USE ONLY |
4. | SOURCE OF FUNDS (see instructions) OO |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨ |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7. | SOLE VOTING POWER 0 | |
8. | SHARED VOTING POWER 164,754,055 (1) | ||
9. | SOLE DISPOSITIVE POWER 0 | ||
10. | SHARED DISPOSITIVE POWER 164,754,055 (1) |
11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Common Stock: 164,754,055 (1) (3) |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ¨ |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Common Stock: 35.8% (1) (2) |
14. | TYPE OF REPORTING PERSON (see instructions) OO |
(1) Consists of 124,289,200 shares of Common Stock and 40,464,855 shares of Common Stock issuable upon exercise of the Warrant.
(2) For purposes of calculating beneficial ownership of the Reporting Person, the total number of shares of Common Stock outstanding is based on (1) 420,280,234 shares of Common Stock outstanding as of February 23, 2024 as reported by the Issuer in its Annual Report on Form 10-K filed with the SEC on February 27, 2024 and (2) 40,464,855 shares of Common Stock issuable upon exercise of the Warrant (see Note 1).
(3) TowerBrook Investors Ltd. disclaims beneficial ownership of 75,889,325 shares of Common Stock held directly by Series AS (as defined in Item 6 herein).
CUSIP No. 77634L 105 |
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1. | NAMES OF REPORTING PERSONS Neal Moszkowski |
2. | CHECK THE APPROPRIATE
BOX IF A MEMBER OF A GROUP (see instructions) (a) x (b) ¨ |
3. | SEC USE ONLY |
4. | SOURCE OF FUNDS (see instructions) OO |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨ |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION U.S.A. |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7. | SOLE VOTING POWER 0 | |
8. | SHARED VOTING POWER 164,754,055 (1) | ||
9. | SOLE DISPOSITIVE POWER 0 | ||
10. | SHARED DISPOSITIVE POWER 164,754,055 (1) |
11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Common Stock: 164,754,055 (1) (3) |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ¨ |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Common Stock: 35.8% (1) (2) |
14. | TYPE OF REPORTING PERSON (see instructions) IN |
(1) Consists of 124,289,200 shares of Common Stock and 40,464,855 shares of Common Stock issuable upon exercise of the Warrant.
(2) For purposes of calculating beneficial ownership of the Reporting Person, the total number of shares of Common Stock outstanding is based on (1) 420,280,234 shares of Common Stock outstanding as of February 23, 2024 as reported by the Issuer in its Annual Report on Form 10-K filed with the SEC on February 27, 2024 and (2) 40,464,855 shares of Common Stock issuable upon exercise of the Warrant (see Note 1).
(3) Neal Moszkowski disclaims beneficial ownership of 75,889,325 shares of Common Stock held directly by Series AS (as defined in Item 6 herein).
CUSIP No. 77634L 105 |
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1. | NAMES OF REPORTING PERSONS Ramez Sousou |
2. | CHECK THE APPROPRIATE
BOX IF A MEMBER OF A GROUP (see instructions) (a) x (b) ¨ |
3. | SEC USE ONLY |
4. | SOURCE OF FUNDS (see instructions) OO |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨ |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION U.K. |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7. | SOLE VOTING POWER 0 | |
8. | SHARED VOTING POWER 164,754,055 (1) | ||
9. | SOLE DISPOSITIVE POWER 0 | ||
10. | SHARED DISPOSITIVE POWER 164,754,055 (1) |
11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Common Stock: 164,754,055 (1) (3) |
12. | CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Common Stock: 35.8% (1) (2) |
14. | TYPE OF REPORTING PERSON (see instructions) IN |
(1) Consists of 124,289,200 shares of Common Stock and 40,464,855 shares of Common Stock issuable upon exercise of the Warrant.
(2) For purposes of calculating beneficial ownership of the Reporting Person, the total number of shares of Common Stock outstanding is based on (1) 420,280,234 shares of Common Stock outstanding as of February 23, 2024 as reported by the Issuer in its Annual Report on Form 10-K filed with the SEC on February 27, 2024 and (2) 40,464,855 shares of Common Stock issuable upon exercise of the Warrant (see Note 1).
(3) Ramez Sousou disclaims beneficial ownership of 75,889,325 shares of Common Stock held directly by Series AS (as defined in Item 6 herein).
CUSIP No. 77634L 105 |
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1. | NAMES OF REPORTING PERSONS ASCENSION HEALTH ALLIANCE |
2. | CHECK THE APPROPRIATE
BOX IF A MEMBER OF A GROUP (see instructions) (a) x (b) ¨ |
3. | SEC USE ONLY |
4. | SOURCE OF FUNDS (see instructions) OO |
5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨ |
6. | CITIZENSHIP OR PLACE OF ORGANIZATION Missouri |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7. | SOLE VOTING POWER 0 | |
8. | SHARED VOTING POWER 164,754,055 (1) | ||
9. |
SOLE DISPOSITIVE POWER
0 | ||
10. |
SHARED DISPOSITIVE POWER
164,754,055 (1) |
11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Common Stock: 164,754,055 (1) (3) |
12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ¨ |
13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Common Stock: 35.8% (1) (2) |
14. | TYPE OF REPORTING PERSON (see instructions) CO |
(1) Consists of 124,289,200 shares of Common Stock and 40,464,855 shares of Common Stock issuable upon exercise of the Warrant.
(2) For purposes of calculating beneficial ownership of the Reporting Person, the total number of shares of Common Stock outstanding is based on (1) 420,280,234 shares of Common Stock outstanding as of February 23, 2024 as reported by the Issuer in its Annual Report on Form 10-K filed with the SEC on February 27, 2024 and (2) 40,464,855 shares of Common Stock issuable upon exercise of the Warrant (see Note 1).
(3) Ascension Health Alliance disclaims beneficial ownership of 88,864,730
shares of Common Stock held directly by Series TB (as defined in Item 6 herein).
This Amendment No. 4 to Schedule 13D (this “Amendment No. 4”) amends and supplements the statement on Schedule 13D jointly filed by TCP-ASC ACHI Series LLLP (the “Partnership”), TCP-ASC GP, LLC, TI IV ACHI Holdings GP, LLC, TI IV ACHI Holdings, LP, TowerBrook Investors Ltd., Neal Moszkowski, Ramez Sousou and Ascension Health Alliance d/b/a Ascension (together, the “Reporting Persons”) with the Securities Exchange Commission (the “Commission”) on June 21, 2022, as amended on September 13, 2022, October 3, 2023 and as amended on February 6, 2024 (as it may be amended from time to time, this “Statement”), relating to the common stock, $0.01 par value per share (the “Common Stock”), of R1 RCM Inc. (the “Issuer”). Initially capitalized terms used in this Amendment No. 4 that are not otherwise defined herein shall have the same meanings attributed to them in the Schedule 13D. Except as expressly provided herein, all Items of the Schedule 13D remain unchanged.
ITEM 4. Purpose of the Transaction.
Item 4 of the Schedule 13D is hereby amended and supplemented as follows:
At the request and urging of the Board, the Partnership undertook preliminary discussions with CoyCo 1, L.P. and CoyCo 2, L.P. (together, “CoyCo”) in order to determine whether there is a basis to pursue with CoyCo making a proposal to the Issuer with respect to an acquisition of (or increased investment in) shares of Common Stock not held by the Partnership or CoyCo (a “Joint Transaction”). While such discussions have been productive to date and continue, they have not resulted in any agreement, arrangement or understanding between us to date.
Given the respective ownership of Common Stock of each of the Partnership and CoyCo and the fact that neither the Partnership nor (according to amendment No. 3 to their Schedule 13D) CoyCo is interested in selling any shares of Common Stock that it holds to another party at this time, the Partnership believes that a transaction other than a Joint Transaction would be difficult if not impossible to execute. The Partnership’s preference is to seek to find common ground with CoyCo with respect to pursuing a joint proposal for a Joint Transaction.
Therefore, on March 11, 2024, the Partnership submitted a request to the Issuer (the “Partnership Waiver Request”) to grant certain waivers and approvals for purposes of any “fair price,” “moratorium,” “control share acquisition,” “interested shareholder,” “business combination” or other form of antitakeover statute, regulation or law, including Section 203 of the Delaware General Corporation Law, in order to facilitate further discussions and the potential conclusion thereof. The Partnership remains subject to the restrictions set forth in Section 6.1 of the A&R Investor Rights Agreement, but intends to seek a waiver thereof.
The Partnership and its affiliates are currently engaged in ongoing discussions with CoyCo and expect to engage in discussions and negotiations with other existing stockholders and potential financing sources. The Partnership and its affiliates have not reached any agreement, arrangement or understanding with any other person (including CoyCo) regarding any Potential Transaction. The Reporting Persons disclaim membership in any “group” (within the meaning of Section 13(d)(3) of the Exchange Act) with Coyco at this time, and there is no assurance that any such discussions will continue or that any such group may be formed.
The foregoing description of the Partnership Waiver Request is not intended to be complete and is qualified in its entirety by reference to the full text of the Partnership Waiver Request. The Partnership Waiver Request is filed as Exhibit 7.10 hereto.
ITEM 7. Material to be Filed as Exhibits.
The following document is filed or incorporated by reference as an exhibit to this Statement:
Exhibit Number |
Description of Exhibit | |
Exhibit 7.10 | Waiver Request, dated March 11, 2024. |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: March 11, 2024 | ||
TCP-ASC ACHI SERIES LLLP | ||
By: TCP-ASC GP, LLC, its General Partner | ||
By: | /s/ Glenn F. Miller | |
Name: | Glenn F. Miller | |
Title: | Vice President | |
TCP-ASC GP, LLC | ||
By: | /s/ Glenn F. Miller | |
Name: | Glenn F. Miller | |
Title: | Vice President | |
TI IV ACHI Holdings GP, LLC | ||
By: | /s/ Glenn F. Miller | |
Name: | Glenn F. Miller | |
Title: | Vice President |
[Signature Page to 13D Amendment]
TI IV ACHI HOLDINGS, LP | ||
By: TI IV ACHI Holdings GP, LLC, its General Partner | ||
By: | /s/ Glenn F. Miller | |
Name: | Glenn F. Miller | |
Title: | Vice President | |
TOWERBROOK INVESTORS LTD. | ||
By: | /s/ Neal Moszkowski | |
Name: | Neal Moszkowski | |
Title: | Director | |
NEAL MOSZKOWSKI | ||
/s/ Neal Moszkowski | ||
Neal Moszkowski | ||
RAMEZ SOUSOU | ||
/s/ Ramez Sousou | ||
Ramez Sousou |
[Signature Page to 13D Amendment]
ASCENSION HEALTH ALLIANCE | ||
By: | /s/ Christine McCoy | |
Name: | Christine McCoy | |
Title: | Executive Vice President & General Counsel |
[Signature Page to 13D Amendment]