8-K
filed December 11, 2023, 6:59 PM ET
ticker OPCH
CIK 0001014739
other material
confidence high
sentiment neutral
materiality 0.60
Option Care Health enters $400M revolver, adopts new severance plan, CCO departs
Option Care Health, Inc.
- Entered $400M New Revolver Facility (SOFR+1.75% initial) maturing Dec 2028; terminated existing ABL facility.
- Adopted Amended Executive Severance Plan: CEO 2.0x/CFO 1.5x/others 1.25x salary outside CIC; higher multiples inside CIC.
- Richard Denness ceased as CCO effective Dec 7, 2023; to remain non-executive employee through Mar 31, 2024.
- Board adopted non-qualified deferred compensation plan allowing deferral of salary/bonus and company contributions.
- By-laws amended to add proxy access for 3% holders for ≥3 yrs, align with universal proxy rules, and other updates.
Key facts
Extracted from this filing and checked against the source text.
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Option Care Health, Inc.: Adopted Fourth Amended and Restated By-Laws including proxy access, enhanced stockholder nomination disclosure, meeting procedures, board meeting notice, officer role clarifications, and ministerial updates (effective 2023-12-06).
- Change
- bylaw amendment
- Effective
- 2023-12-06
Exact text from the filing
On December 6, 2023, the Board of Directors of the Company unanimously adopted Fourth Amended and Restated By-Laws of the Company (the by-laws, as so amended and restated, the “Amended and Restated By-Laws”), effective immediately.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Option Care Health, Inc. terminated ABL Credit Agreement with Bank of America, N.A., as administrative agent.
- Action
- termination
- Agreement
- credit facility
- Counterparty
- Bank of America, N.A., as administrative agent
Exact text from the filing
Substantially concurrently with the closing of the New Revolver Facility, the Company repaid all loans under, and terminated, that certain ABL Credit Agreement, dated as of August 6, 2019
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Option Care Health, Inc. amended Amendment with Bank of America, N.A., as administrative agent valued at $400,000,000 (effective 2023-12-07).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Bank of America, N.A., as administrative agent
- Value
- $400,000,000
- Effective
- 2023-12-07
Exact text from the filing
On December 7, 2023, Option Care Health, Inc. (the “ Company ”), certain of its subsidiaries, the Incremental Revolving Lenders party thereto and Bank of America, N.A., as administrative agent, entered into the second amendment (the “ Amendment ”) to the amended and restated first lien credit agreement, dated as of October 27, 2021
View on SEC.gov
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