Modivcare Announces Successful Refinancing

DENVER, July 3, 2024–(BUSINESS WIRE)–Modivcare Inc. (“Modivcare” or the “Company”) (Nasdaq: MODV), a technology-enabled healthcare services company providing a platform of integrated supportive care solutions focused on improving health outcomes, today announced the successful refinancing of the entire 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 met the Company’s upcoming debt maturities and enhanced financial flexibility to secure long-term value for our shareholders.

Key Highlights of the Refinancing:

• Syndication of 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 repay in full the entire $500 million aggregate principal amount of the Company’s outstanding 5.875% senior unsecured notes due November 2025.

• Lenders representing $255 million of the Company’s $325 million revolving credit facility have agreed to extend the maturity by an additional 12 months to February 2028 and reduce the minimum liquidity covenant from $100 million to $75 million. The entire $325 million revolving credit facility remains available.

The refinancing was led by JPMorgan Chase Bank, NA, and the respective roles were supported by the Company’s Banking Group. KKR Capital Markets LLC acted as capital markets advisor and Gibson, Dunn & Crutcher LLP acted as legal counsel to the Company.

About Modivcare

Modivcare Inc. (Nasdaq: MODV) is a technology-enabled healthcare services company that provides a platform of integrated supportive care solutions to public and private payers and their members. Our value-based solutions address the social determinants of health (SDOH), enable greater access to care, reduce costs and improve outcomes. We are a leading provider of non-emergency medical transportation (NEMT), personal care services (PCS) and remote patient monitoring (RPM). The Company also holds a minority interest in CCHN Group Holdings, Inc. (dba Matrix Medical Network), a leading national independent provider of comprehensive in-home health assessments. For more information about Modivcare, please visit www.modivcare.com.

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