Short answer
ACCENDRA HEALTH INC/VA/ (ACH) filed an 8-K current report with the SEC on June 15, 2026 reporting Item 1.01 (Entry into a Material Definitive Agreement), Item 2.03 (Creation of a Direct Financial Obligation), Item 8.01 (Other Events), Item EX-99.1 (Exhibit EX-99.1). New notes carry high cash interest: 9.000% first-lien and 9.750% second-lien, payable semi-annually from December 15, 2026.
ACCENDRA HEALTH INC/VA/ 8-K event analysis
AI summary of each reported item and its exhibits
Item 1.01 · Entry into a Material Definitive Agreement
- New notes carry high cash interest: 9.000% first-lien and 9.750% second-lien, payable semi-annually from December 15, 2026
- First-lien notes rank ahead of unsecured and second-lien debt against collateral, while both note classes receive subsidiary guarantees
- New $300.0M revolving facility due 2030 replaces existing revolver, with last $50M restricted to qualifying acquisitions
- Credit agreement leverage covenant tightens to below 4.50:1.00 after 2027, with 5.50:1.00 applicable before January 1, 2028
- Term lenders waived mandatory prepayments on $400.0M of asset-sale proceeds, enabling the debt exchange and new-note collateral package
Item 2.03 · Creation of a Direct Financial Obligation
- Item 2.03 indicates a potential direct financial obligation disclosure
Item 8.01 · Other Events
- Early exchange-offer results announced June 10, 2026; Exhibit 99.1 contains the substantive terms and participation data
- Debt exchange completion remains conditional, with Accendra retaining unilateral amendment rights
- Failure to complete the exchange or alternative financing could materially worsen the company’s financial condition
- New notes and guarantees remain unregistered, restricting U.S. offers absent registration exemption
Item EX-99.1 · Exhibit EX-99.1
- Near-total participation: $478.3M of 2029 Notes and $547.9M of 2030 Notes tendered, representing 99.9% and 99.2% outstanding
- Debt restructuring replaces existing notes with 9.000% first-lien notes due 2032 and 9.750% second-lien notes due 2033
- $326.25M first-lien New Money Notes issuance, including $261.0M backstop commitments and up to $65.25M additional funding
- Consents received to eliminate substantially all affirmative and negative covenants and modify default provisions, increasing creditor flexibility
- Early settlement expected June 15, 2026; expiration extended to June 23, 2026 and late settlement expected June 25, 2026
Generated from the filing text and exhibits; verify against the original. What 8-K item codes mean
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