Aveanna Healthcare Secures Critical Debt Refinancing Deal

Aveanna Healthcare Achieves Key Financing Milestone

Aveanna Healthcare Holdings Inc. has successfully closed a refinancing deal for its first lien credit facility. This strategic move signals an important step for the company as it restructures its debt to bolster its financial position and pave the way for future growth.

Overview of the Refinancing Details

The refinanced credit facility included the consolidation of an existing principal balance of $886.0 million in first lien term loans alongside an additional borrowing of $439.0 million. Notably, the company's revolving credit facility saw its maximum availability increase from $170.3 million to $250.0 million. These modifications extend the maturity dates of the first lien term loans to 2032, while the revolving credit facility's maturity has been pushed back to 2030.

Impact of the Incremental Borrowing

Proceeds from this refinanced deal allowed Aveanna to fully repay existing second lien term loans, totaling $415.0 million. The repayment of these loans culminated in the termination of the second lien term loan facility, streamlining their financial obligations.

Leadership's Perspective on the Refinancing

Matt Buckhalter, the Chief Financial Officer of Aveanna, expressed the significance of this refinancing by stating, "This refinancing marks another important milestone in the company's continued momentum. By extending maturities and increasing our available liquidity, we have strengthened our balance sheet and enhanced our ability to execute on our strategy. This progress reflects the strong operating performance we've delivered and the confidence our financing partners have in our business.”

CEO’s Comments on Financial Strategy

Jeff Shaner, CEO of Aveanna, echoed similar sentiments regarding the refinancing's implications for the company's future. He stated, "This successful refinancing reflects our operating performance and the proven value of our national home care platform. We are grateful to our capital partners for their unwavering support of our mission and their commitment to our continued growth and expansion.”

About Aveanna Healthcare

Aveanna Healthcare stands as a prominent provider of a wide array of healthcare services across the nation. The company’s extensive network spans locations in 38 states, focusing on pediatric and adult services which include nursing, rehabilitation, therapy, and specialized offerings for medically fragile patients. Additionally, Aveanna is committed to delivering case management services, coordinating care between patients, medical professionals, and insurers to enhance the care experience.

Commitment to Quality Care

The organization places a strong emphasis on delivering high-quality care alternatives that aim to minimize hospital stays, ensuring patients receive the services they need in a supportive environment. With a focus on home healthcare, Aveanna continues to expand its operations, emphasizing accessibility and tailored care solutions for individuals and families.

Investor Relations

The company maintains a commitment to transparency and communication with its investors. Matt Buckhalter, CFO, is available for inquiries via email at ir@aveanna.com.

Frequently Asked Questions

What is Aveanna Healthcare's recent financial achievement?

Aveanna Healthcare has successfully refinanced its first lien credit facility, enhancing its financial stability and liquidity.

How much was the additional borrowing in the refinancing?

The refinancing included an additional borrowing of $439.0 million alongside the consolidation of existing loans.

What changes were made to the revolving credit facility?

The company's revolving credit facility increased from a maximum availability of $170.3 million to $250.0 million.

Who were involved as arrangers in the refinancing?

Barclays Bank PLC and Jeffries Finance LLC acted as co-lead arrangers for the refinancing process.

What services does Aveanna Healthcare provide?

Aveanna Healthcare offers a variety of services including nursing, therapy, rehabilitation, and case management across multiple states.

About The Author

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