ModivCare (MODV) Announces Successful Refinancing

Modivcare Inc. (Nasdaq: MODV) today announced the successful refinancing of all outstanding $500 million aggregate principal amount of its 5.875% Senior Notes due 2025 with a new $525 million term loan B, which closed on July 1, 2024. The transaction addressed the Company’s upcoming debt maturities and enhanced financial flexibility to ensure long-term value for our shareholders.

Refinancing Key Highlights:

• Syndicated a new $525 million term loan B, maturing in July 2031.
• Oversubscribed with strong interest from existing and new investors.
• Use of net proceeds to fully redeem all outstanding $500 million aggregate principal amount of the Company’s 5.875% senior unsecured notes due in November 2025.
• Lenders comprising $255 million of the Company’s $325 million revolving credit facility agreed to extend the maturity by an additional 12 months through February 2028 and reduce the minimum liquidity covenant from $100 million to $75 million. The full $325 million revolving credit facility remains accessible for use.

The refinancing was led by JPMorgan Chase Bank, N.A., and respective roles supported by the Company’s bank group. KKR Capital Markets LLC acted as Capital Markets Advisor and Gibson, Dunn & Crutcher LLP served as legal counsel to the Company.

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