Cano Health, Inc.: M&A transaction — Cano Health sells Texas & Nevada primary care centers to CenterWell for ~$66.7M

Cano Health, Inc.

Total consideration ~$66.7M: $35.4M cash at closing plus liability release.
Centers served ~15,200 members as of Aug 1, 2023.
Net proceeds to repay portion of Credit Suisse revolver, ensuring covenant compliance for Q3 2023.
Cano Health expects ~$109M unrestricted cash; plans $80M repayment of $120M revolver.
CEO states sale supports strategy to focus on Florida market and improve operations.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Cano Health, Inc. completed a disposition involving Primary Care Holdings II, LLC (a wholly owned subsidiary of Humana Inc., doing business as CenterWell Senior Primary Care) for approximately $66.7 million.

Action: disposition
Counterparty: Primary Care Holdings II, LLC (a wholly owned subsidiary of Humana Inc., doing business as CenterWell Senior Primary Care)
Consideration: approximately $66.7 million

Exact text from the filing

the operation of Cano Health’s senior-focused primary care centers in Texas and Nevada (the “Transaction”). The total value of the Transaction to Cano Health is approximately $66.7 million, consisting of approximately $35.4 million in cash paid at closing (of which approximately $1.9 million was withheld for satisfaction of potential indemnification claims), plus

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Source: SEC EDGAR

accession 0001193125-23-242059

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