ModivCare (MODV) has released an update.
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ModivCare Inc. has revised its financial covenants by amending its Credit Agreement, which allows for an increased Total Net Leverage Ratio until March 31, 2026. This adjustment comes with a slight interest rate hike and a new minimum liquidity requirement. Additionally, the company has the flexibility to end this period early under certain conditions, reverting to previous leverage ratio levels. The amendment also introduces a lowered minimum Interest Coverage Ratio, providing ModivCare with greater financial maneuverability.
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