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Barclays Bank Agents Refinance for Signify Health

June 24, 2021, 06:00 AM
Filed Under: Technology

Signify Health, a healthcare platform that leverages advanced analytics, technology and nationwide healthcare networks to create and power value-based payment programs, completed a refinancing of its first lien term loans and revolving credit facility. Barclays Bank PLC is acting as administrative agent and collateral agent. Barclays Bank PLC, JPMorgan Chase Bank, Goldman Sachs Bank USA, BofA Securities, UBS Securities and Deutsche Bank Securities acted as joint lead arrangers and joint bookrunners.

Signify Health, LLC and certain other subsidiaries of the Company entered into a new credit agreement comprised of a $350 million senior secured first lien term loan due in June 2028 and a $185 million senior secured revolving credit facility due in June 2026. The proceeds from the new term loan, and cash on hand, are being used to repay the Company’s existing loans. After the refinancing, total debt outstanding is reduced to $350 million from $411 million at March 31, 2021. Relative to the refinanced credit facility, the new credit facility significantly reduces borrowing costs while increasing operating flexibility through less restrictive financial covenants and access to higher levels of revolver borrowings.

"We are pleased with the successful refinancing of our credit facilities, which reduces our annualized interest expense by approximately $10 million in the current interest rate environment and increases our overall financial flexibility with respect to covenants and liquidity,” said Steve Senneff, Chief Financial Officer and President of Signify Health. “This refinancing positions Signify to continue to invest for future growth and drive increasing value to customers, partners and shareholders."

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