Aveanna Healthcare closed its refinanced first lien credit facility. The refinanced credit facility provides for the refinancing of the $886 million principal balance of existing first lien term loans, the additional borrowing of $439 million in incremental first lien term loans and the upsize of its revolving credit facility from $170.3 million of maximum availability to $250 million of maximum availability. The combined $1.325 billion first lien term loans’ maturity dates were extended to 2032, and the revolving credit facility’s maturity date was extended from 2028 to 2030.
Proceeds from the incremental first lien term loans were used to repay in full the existing second lien term loans in the amount of $415 million, and as a result, the second lien term loan facility was subsequently terminated.
Barclays Bank PLC and Jeffries Finance LLC served as co-lead arrangers.
“This refinancing marks another important milestone in the company’s continued momentum,” Matt Buckhalter, chief financial officer of Aveanna, said. “By extending maturities and increasing our available liquidity, including our undrawn revolving facility, 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.”
“This successful refinancing reflects our operating performance and the proven value of our national home care platform,” Jeff Shaner, CEO of Aveanna, sid. “We are grateful to our capital partners for their unwavering support of our mission and their commitment to our continued growth and expansion.”
