ModivCare Inc: debt financing — ModivCare completes exchange of $251M 5.000% Senior Notes for second-lien PIK toggle notes

ModivCare Inc

$251M principal amount exchanged for second-lien senior secured PIK toggle notes, issued March 7, 2025.
PIK toggle: interest at 5% cash or 10% paid-in-kind; matures October 1, 2029.
Senior notes covenants eliminated, guarantees released; notes subordinated to $866.4M credit agreement and new notes.
Dividends on common stock restricted under new indenture covenants.
Exchange consummated after receipt of requisite consents from noteholders.

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 incurred senior notes of $251.0 million with holders of the Company’s 5.000% Senior Notes due 2029 at 5.000% per annum, if interest is paid in cash, and (ii) 10.000% per annum, if in maturing October 1, 2029.

Instrument: senior notes
Principal: $251.0 million
Counterparty: holders of the Company’s 5.000% Senior Notes due 2029
Rate: 5.000% per annum, if interest is paid in cash, and (ii) 10.000% per annum, if in
Maturity: October 1, 2029
Event: incurrence

Exact text from the filing

(as amended, the “ Exchange Agreement ”) with holders of the Company’s 5.000% Senior Notes due 2029 (the “ Senior Notes ”) to exchange (such exchange, the “ Exchange ”) $251.0 million principal amount of the Senior Notes for an equivalent principal amount of second lien senior secured PIK toggle notes to be issued by the Company (the “ Second Lien Notes ”)

View on SEC.gov

Browse all debt financings →

Source: SEC EDGAR

accession 0001220754-25-000010

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.