secwatch.observer — SEC 8-K summary
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Issuer:     ModivCare Inc (—)
CIK:        0001220754
Form:       8-K
Filed at:   2024-02-22T23:59:59+00:00
Accession:  0001220754-24-000009
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ModivCare amends credit agreement; raises max leverage covenant, adds $100M liquidity minimum
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1220754/000122075424000009/0001220754-24-000009-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1220754/000122075424000009/prsc-20240222.htm
  HTML page:      https://secwatch.observer/filing/0001220754-24-000009

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