MODV - ModivCare prices $500M private offering

ModivCare (NASDAQ:MODV) prices private placement offering and has agreed to issue and sell $500M in aggregate principal amount of senior notes due on October 1, 2029. It will bear interest at a rate of 5.000% per annum, upsized from $400M, issued by ModivCare Escrow Issuer, a Delaware corporation established to issue the notes. Offering is expected to occur on August 24, 2021. Net proceeds from the notes to (i) pay the consideration in connection with the acquisition of VRI Intermediate Holdings, and (ii) pay fees and expenses incurred in connection with the VRI Acquisition, with the remainder of the net proceeds for general corporate purposes, which may include repayment of indebtedness, including, without limitation, repayment of indebtedness in connection with the acquisition of Care Finders Total Care.

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ModivCare prices $500M private offering