Apollo Medical amends credit agreement, waives past defaults on leverage ratio miscalculations, pays $200K fee

Astrana Health, Inc.

Increased letter of credit sub-facility from $25M to $50M.
Waived Specified Events of Default for periods from Q3 2021 to Q1 2023 due to miscalculated leverage ratio and underpaid interest/fees.
Paid $200K aggregate fee to lenders as full payment for past interest and LC fees.
Revised compliance certificate form and provided updated covenant calculations.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Astrana Health, Inc. amended Second Amendment to Amended and Restated Credit Agreement and Waiver with Truist Bank valued at increased the letter of credit sub-facility from $25.0 million to $50.0 million (effective 2023-09-08).

Action: amendment
Agreement: credit facility
Counterparty: Truist Bank
Value: increased the letter of credit sub-facility from $25.0 million to $50.0 million
Effective: 2023-09-08

Exact text from the filing

On September 8, 2023, Apollo Medical Holdings, Inc. (the “Company”) entered into the Second Amendment to Amended and Restated Credit Agreement and Waiver (the “Amendment”) to the Amended and Restated Credit Agreement, dated as of June 16, 2021, by and among the Company, as borrower, the lenders party thereto, and Truist Bank, as administrative agent (as amended, the “Credit Agreement”).

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Source: SEC EDGAR

accession 0001104659-23-099360

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