ModivCare Inc: debt financing — ModivCare files Chapter 11; restructuring cuts debt by $1.1B, gets $100M DIP

ModivCare Inc

Filed Chapter 11 with agreement from >90% first lien and >70% second lien lenders; $100M DIP funding committed.
Restructuring cuts total funded debt by ~$1.1B (over 85%); exit expected early Q4 2025.
First lien debt of ~$927M, second lien ~$316M, unsecured ~$229M accelerated by bankruptcy filing.
Key employees get retention bonuses: CEO L. Heath Sampson $1M, EVP Chelsey Berstler $350K.
Company warns common stock holders may experience significant or complete loss.

item 1.01 item 1.03 item 2.02 item 7.01 item 2.04 item 5.02 item 8.01 item 9.01

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 faced acceleration on senior notes of $316.2 million with unknown at unknown maturing unknown.

Instrument: senior notes
Principal: $316.2 million
Event: acceleration

Exact text from the filing

● approximately $316.2 million of borrowings (plus any accrued but unpaid interest in respect thereof) under the Second Lien Notes;

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

ModivCare Inc faced acceleration on credit facility of $927.3 million with unknown at unknown maturing unknown.

Instrument: credit facility
Principal: $927.3 million
Event: acceleration

Exact text from the filing

The filing of the Chapter 11 Cases constitutes an event of default that accelerated obligations under the following material debt instruments and agreements (the “ Debt Documents ”): ● approximately $927.3 million of borrowings (plus any accrued but unpaid interest in respect thereof) under the Existing First Lien Credit Agreement;

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

ModivCare Inc faced acceleration on senior notes of $228.8 million with unknown at unknown maturing unknown.

Instrument: senior notes
Principal: $228.8 million
Event: acceleration

Exact text from the filing

● approximately $228.8 million of borrowings (plus any accrued but unpaid interest in respect thereof) under that certain Senior Notes Indenture, dated as of August 24, 2021, by and between ModivCare, as issuer, certain subsidiaries of ModivCare, as guarantors, and Wilmington Saving Fund Society, FSB, as trustee (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, the “ Unsecured Notes Indenture ”).

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311 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001437749-25-027478

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