secwatch.observer — SEC 8-K summary
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Issuer:     ModivCare Inc (—)
CIK:        0001220754
Form:       8-K
Filed at:   2025-04-03T23:59:59+00:00
Accession:  0001220754-25-000014
Event type: debt
Sentiment:  negative
Materiality: 0.60
Item codes: 2.03
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1220754/000122075425000014/0001220754-25-000014-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1220754/000122075425000014/prsc-20250402.htm
  HTML page:      https://secwatch.observer/filing/0001220754-25-000014

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