ModivCare Inc: debt financing — ModivCare elects PIK interest on $301M Second Lien Notes, adding $15.1M to principal

ModivCare Inc

PIK interest payment of $15,058,250 for period Oct 1, 2024–Mar 31, 2025; principal now $316,223,250.
Notes carry 5.000%/10.000% rate; PIK election preserves cash for operations and asset monetization.
Company also accessed $75M incremental term loan earlier in 2025 as part of liquidity strategy.
Future interest payments may be cash or PIK depending on liquidity and strategic objectives.

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 term loan of an incremental term loan facility, in an aggregate principal amount of $75,000,000 with JPMorgan Chase Bank, N.A., as administrative agent, swing line lender and an issuing bank, Wells Fargo Bank, National Association, as an issuing bank, Truist Bank and Wells Fargo Bank, National Association, as co-syndication agents, Deutsche Bank AG New York Branch, Bank of America, N.A., Regions Ba.

Instrument: term loan
Principal: an incremental term loan facility, in an aggregate principal amount of $75,000,000
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, swing line lender and an issuing bank, Wells Fargo Bank, National Association, as an issuing bank, Truist Bank and Wells Fargo Bank, National Association, as co-syndication agents, Deutsche Bank AG New York Branch, Bank of America, N.A., Regions Ba
Event: incurrence

Exact text from the filing

the establishment by the Company of an incremental term loan facility, in an aggregate principal amount of $75,000,000

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ModivCare Inc incurred senior notes of $301,165,000 in aggregate principal amount at 5.000%/10.000% maturing 2029.

Instrument: senior notes
Principal: $301,165,000 in aggregate principal amount
Rate: 5.000%/10.000%
Maturity: 2029
Event: incurrence

Exact text from the filing

the Company has issued $301,165,000 in aggregate principal amount of its 5.000%/10.000% Second Lien Senior Secured PIK Toggle Notes due 2029

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Source: SEC EDGAR

accession 0001220754-25-000014

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