---
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"
generated_at: "2026-05-24T23:15:19.183410+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# ModivCare completes exchange of $251M 5.000% Senior Notes for second-lien PIK toggle notes

## Summary
- $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.

## SEC filing metadata
- accession: 0001220754-25-000010
- form_type: 8-K
- cik: 0001220754
- company_name: ModivCare Inc
- filed_at: 2025-03-11T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001220754-25-000010
- JSON: https://secwatch.observer/filing/0001220754-25-000010.json
- Plain text: https://secwatch.observer/filing/0001220754-25-000010.txt

## Key facts
- Debt Financings
  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
  source text: (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_url: https://www.sec.gov/Archives/edgar/data/1220754/000122075425000010/0001220754-25-000010-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.