Modivcare Announces Credit Agreement Amendment and Cash Collections Update
ModivCare Inc. (MODV)
Company Research
Source: Business Wire
DENVER--(BUSINESS WIRE)--ModivCare Inc. (“Modivcare” or the “Company”) (Nasdaq: MODV), a technology-enabled healthcare services company that provides a platform of integrated supportive care solutions focused on improving health outcomes, today announced that it has amended its Credit Agreement, dated February 3, 2022 (as amended to date, the “Credit Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent, along with other key lenders.Key Amendment Highlights:Total Net Leverage Ratio Covenant: Increased for the quarter ended September 30, 2024, to 6.50x from 5.25x.Minimum Interest Coverage Ratio Covenant: Reduced for the quarter ended September 30, 2024, to 2.00x from 2.75x.This amendment ensures in advance that the Company will maintain its compliance with all of its covenants under the Credit Agreement for the Company’s last completed fiscal quarter. In consideration, the Company has agreed to increase its interest rate margin by 25 basis points until it delivers th
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MODV
Earnings
- 11/6/24 - Miss
MODV
Sec Filings
- 11/21/24 - Form 4
- 11/14/24 - Form SC
- 11/12/24 - Form 4
- MODV's page on the SEC website