AdaptHealth refinances, reduces debt
By HME News Staff
Updated 9:04 AM CDT, Mon September 16, 2024
PLYMOUTH MEETING, Pa. – AdaptHealth has closed a $950 million senior secured credit facility, consisting of a fully funded $650 million Term Loan A and a $300 million revolving line of credit. Proceeds from the new $650 million Term Loan were used to fully repay, without penalty, the company’s existing Term Loan due to reach final maturity in January 2026. The new $300 million revolver replaces the company’s existing $450 million revolving credit facility, which had no balance drawn at the time the credit facility closed. The reduced revolver size decreases undrawn commitment fees. The interest rate pricing for the new senior secured credit facility decreased from the interest rate pricing in AdaptHealth’s existing bank credit facility, and the new maturity is extended up to Sept. 13th, 2029. Thirteen lenders participated in the company’s new credit facility, including Regions Bank as Administrative Agent. Regions Capital Markets, a division of Regions Bank, BOFA Securities, Capital One, National Association, Citizens Bank, N.A., Fifth Third Bank, National Association, JPMorgan Chase, N.A. and Truist Securities acted as joint lead arrangers and joint bookrunners.
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