AdaptHealth Corp. (NASDAQ: AHCO) $450 Million Senior Secured Credit Facilities and $350 Million Senior Notes

August 10, 2020

On July 29, 2020, KeyBanc Capital Markets Inc. (“KBCM”) successfully closed on $450 million of Senior Secured Credit Facilities for AdaptHealth, Corp. (“AdaptHealth” or the “Company”), comprised of a $200 million Revolving Credit Facility and a $250 million Term Loan A Facility (the “Facilities”). Proceeds from the Facilities will be used to finance the acquisitions of Solara Medical Supplies, LLC and ActivStyle, Inc., refinance existing indebtedness, finance working capital needs, general corporate purposes and pay fees and expenses related to the transaction. KBCM acted as Joint Lead Arranger, Joint Bookrunner & Co-Syndication Agent on the transaction.

In addition, KBCM acted as Joint Bookrunner on AdaptHealth’s $350 million Senior Notes (the “Notes”) offering, a portion of which will be used to repay a portion of the term loan borrowings. Initial price talk on the deal was whispered as high as 6.00%, with official price talk later announced in the 6.25% area, and the deal ultimately priced at 6.125%, the tight end of guidance. Strong investor reception resulted in the deal being upsized by $50 million.

This financing represents KBCM’s inaugural transaction with AdaptHealth in the syndicated loan market. KBCM was selected as Joint Lead Arranger due to its extensive industry know ledge, robust debt capital markets platform and long-standing relationship with the Company. In addition to the financing, Cain brothers, a division of KBCM acted as Sell-Side Advisor for the sale of ActivStyle.

AdaptHealth is a leading provider of home medical equipment, supplies and related services in the United States. AdaptHealth provides a full suite of medical products and solutions designed to help patients manage chronic conditions in the home, adapt to life and thrive. AdaptHealth services beneficiaries of Medicare, Medicaid and commercial insurance payors – approximately 1.6 million patients annually – in all 50 states through its network of 220 locations in 38 states.

For more information, please contact:

Matthew Margulies

Managing Director
(212) 981-6938
mmargulies@cainbrothers.com