ModivCare Inc: debt financing — ModivCare amends credit agreement; raises max leverage covenant, adds $100M liquidity minimum

ModivCare Inc

Max Total Net Leverage Ratio raised to 5.50:1.00 for Q1-Q2 2024, stepping down to 4.75:1.00 by Q1 2026.
New $100M minimum Liquidity covenant, tested quarterly; Interest Coverage Ratio floor lowered to 2.75:1.00.
Interest rate margin increased by 50 bps during relief period; Term Benchmark spread reaches 4.00% at high leverage.
Company may early terminate Covenant Relief Period, reverting to original leverage and coverage covenants.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ModivCare Inc amended credit facility with JPMorgan Chase Bank, N.A. at increase of 50 basis points in the interest rate margin.

Instrument: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Rate: increase of 50 basis points in the interest rate margin
Event: amendment

Exact text from the filing

On February 22, 2024, ModivCare Inc. (the “Company”) entered into an Amendment No. 2 (the “Second Amendment”) to its Credit Agreement

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Source: SEC EDGAR

accession 0001220754-24-000009

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