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S&P rates ModivCare notes B+
S&P said it assigned B+ issue-level and 4 recovery rating to ModivCare Inc.'s planned $400 million of senior unsecured notes due 2029. The 4 recovery rating indicates an expectation for average (30%-50%; rounded estimate: 35%) recovery in default.
The company will use the proceeds to partially fund the acquisitions of CareFinders Total Care LLC for $340 million and VRI Intermediate Holdings LLC for $315 million. Additionally, the company plans to use cash on hand and proceeds from the revolving credit facility.
ModivCare’s B+ long-term issuer credit rating and negative outlook are unchanged, the agency said.
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