secwatch.observer — SEC 8-K summary
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Issuer:     ModivCare Inc (—)
CIK:        0001220754
Form:       8-K
Filed at:   2025-03-11T23:59:59+00:00
Accession:  0001220754-25-000010
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 3.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1220754/000122075425000010/0001220754-25-000010-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1220754/000122075425000010/prsc-20250311.htm
  HTML page:      https://secwatch.observer/filing/0001220754-25-000010

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