Modivcare Secures $105 Mln in Funding From Stakeholders

Dow Jones

01-10

By Chris Wack

Modivcare said Friday that it has secured $75 million in incremental financing, backed by stakeholders across the capital structure, and has appointed Chad Shandler as its chief transformation officer.

The healthcare services company said existing investor Coliseum Capital Management has also committed $30 million to buy new second lien senior notes due 2029, subject to a stockholder vote.

As part of the financing agreement, lenders have agreed to amend the company's existing credit agreement in order to provide covenant relief.

The company is adding three independent directors to its board.

Modivcare said that these initiatives, along with a strategic review of its assets, are intended to strengthen its financial foundation, enhance operational performance and position it for future sustainable growth. Modivcare has engaged advisors to conduct a strategic review of its assets, which may include the potential sale of some assets.

The new financing will provide Modivcare with additional liquidity to support its strategic initiatives.

The Company has withdrawn its previously-stated revenue for fiscal 2024 and related forward-looking statements due to changes in the business and overall environment.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

January 10, 2025 06:33 ET (11:33 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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