{"schema_version":"secwatch.filing_event.v1","accession":"0001220754-25-000010","form_type":"8-K","ticker":null,"cik":"0001220754","company_name":"ModivCare Inc","filed_at":"2025-03-11T23:59:59+00:00","discovered_at":"2026-05-14T18:03:03.123210+00:00","generated_at":"2026-05-24T23:15:19.183410+00:00","sec_items":["1.01","2.03","3.03","9.01"],"event_type":"debt","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"ModivCare completes exchange of $251M 5.000% Senior Notes for second-lien PIK toggle notes","bullets":["$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."],"urls":{"canonical":"https://secwatch.observer/filing/0001220754-25-000010","json":"https://secwatch.observer/filing/0001220754-25-000010.json","markdown":"https://secwatch.observer/filing/0001220754-25-000010.md","text":"https://secwatch.observer/filing/0001220754-25-000010.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1220754/000122075425000010/0001220754-25-000010-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1220754/000122075425000010/prsc-20250311.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-24T23:15:19.183410+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"56c74ddcf1c9f4bee75824982d24582ccd118501","claim":"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.","evidence_excerpt":"(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 ”)","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1220754/000122075425000010/0001220754-25-000010-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Principal","value":"$251.0 million"},{"label":"Counterparty","value":"holders of the Company’s 5.000% Senior Notes due 2029"},{"label":"Rate","value":"5.000% per annum, if interest is paid in cash, and (ii) 10.000% per annum, if in"},{"label":"Maturity","value":"October 1, 2029"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}