Accendra Strikes $1.5 Billion Debt Exchange, Cutting Obligations by Over $300 Million
Updated
Updated · Bloomberg · May 11
Accendra Strikes $1.5 Billion Debt Exchange, Cutting Obligations by Over $300 Million
8 articles · Updated · Bloomberg · May 11
Accendra said Monday it won support from a majority of creditors for debt exchanges that extend maturities on more than $1.5 billion of existing borrowings.
The deal includes some exchanges at a discount and new funding, reducing total debt by more than $300 million to about $2 billion.
The refinancing advances a capital-structure reset outlined earlier Monday, when the home-based care company said it aimed to address 2027 maturities and lower leverage.
Accendra shares had already jumped 15% after first-quarter results showed a narrower loss and an adjusted EPS beat, giving the debt overhaul a stronger operating backdrop.
As its revenue falls, can Accendra's massive debt reset truly secure its long-term future?
Can Accendra's pivot to home care succeed amid the industry's crippling labor crisis?