Modivcare Announces Successful Refinancing
03 Juillet 2024 - 12:00PM
Business Wire
Modivcare Inc. (“Modivcare” or the “Company”) (Nasdaq: MODV), a
technology-enabled healthcare services company that provides a
platform of integrated supportive care solutions focused on
improving health outcomes, today announced the successful
refinancing of all outstanding $500 million aggregate principal
amount of its 5.875% Senior Notes due 2025 with a new $525 million
term loan B, which closed on July 1, 2024. The transaction
addressed the Company’s upcoming debt maturities and enhanced
financial flexibility to ensure long-term value for our
shareholders.
Refinancing Key
Highlights:
- Syndicated a new $525 million term loan B, maturing in July
2031.
- Oversubscribed with strong interest from existing and new
investors.
- Use of net proceeds to fully redeem all outstanding $500
million aggregate principal amount of the Company’s 5.875% senior
unsecured notes due in November 2025.
- Lenders comprising $255 million of the Company’s $325 million
revolving credit facility agreed to extend the maturity by an
additional 12 months through February 2028 and reduce the minimum
liquidity covenant from $100 million to $75 million. The full $325
million revolving credit facility remains accessible for use.
The refinancing was led by JPMorgan Chase Bank, N.A., and
respective roles supported by the Company’s bank group. KKR Capital
Markets LLC acted as Capital Markets Advisor and Gibson, Dunn &
Crutcher LLP served as legal counsel to the Company.
About Modivcare
Modivcare Inc. (Nasdaq: MODV) is a technology-enabled healthcare
services company that provides a platform of integrated supportive
care solutions for public and private payors and their members. Our
value-based solutions address the social determinants of health
(SDoH), enable greater access to care, reduce costs, and improve
outcomes. We are a leading provider of non-emergency medical
transportation (NEMT), personal care services (PCS) and remote
patient monitoring (RPM). The Company also holds a minority equity
investment in CCHN Group Holdings, Inc. (dba Matrix Medical
Network), a leading and independent national provider of in-home
comprehensive health assessments. To learn more about Modivcare,
please visit www.modivcare.com.
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Media Media.Inquiry@modivcare.com
Investors Kevin Ellich Vice President, Head of Investor
Relations Kevin.ellich@modivcare.com
ModivCare (NASDAQ:MODV)
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