---
schema_version: "secwatch.filing_event.v1"
accession: "0001220754-25-000014"
form_type: "8-K"
ticker: null
cik: "0001220754"
company_name: "ModivCare Inc"
filed_at: "2025-04-03T23:59:59+00:00"
generated_at: "2026-05-23T22:16:36.873669+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# ModivCare elects PIK interest on $301M Second Lien Notes, adding $15.1M to principal

## Summary
- 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.

## SEC filing metadata
- accession: 0001220754-25-000014
- form_type: 8-K
- cik: 0001220754
- company_name: ModivCare Inc
- filed_at: 2025-04-03T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1220754/000122075425000014/0001220754-25-000014-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1220754/000122075425000014/prsc-20250402.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001220754-25-000014
- JSON: https://secwatch.observer/filing/0001220754-25-000014.json
- Plain text: https://secwatch.observer/filing/0001220754-25-000014.txt

## Key facts
- Debt Financings
  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
  source text: the establishment by the Company of an incremental term loan facility, in an aggregate principal amount of $75,000,000
  evidence_url: https://www.sec.gov/Archives/edgar/data/1220754/000122075425000014/0001220754-25-000014-index.htm
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1220754/000122075425000014/0001220754-25-000014-index.htm

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