Ardent Health Completes Term Loan Repricing
Ardent Health Partners, Inc. (ARDT)
Company Research
Source: Business Wire
BRENTWOOD, Tenn.--(BUSINESS WIRE)--Ardent Health (NYSE: ARDT) today announced it has entered into an amendment to its term loan credit agreement with its lenders to reprice its term loans. The repricing reduces the applicable interest rate by 50 basis points from Term Secured Overnight Financing Rate (SOFR) plus 3.25% to Term SOFR plus 2.75%, as well as eliminates the credit spread adjustment. There are no changes to the maturity of the loans following the repricing and all other terms are substantially unchanged. The amended credit agreement is expected to reduce Ardent’s borrowing cost and generate interest expense savings of approximately $5 million annually.“This opportunistic term loan repricing enhances our free cash flow conversion and provides for incremental flexibility as we execute on our capital allocation priorities,” said Ardent Chief Financial Officer Alfred Lumsdaine. “Optimizing our cost of capital further facilitates our goal of efficiently investing in high-grow
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