Waystar (WAY) Holding announced an amendment to its first lien credit agreement with its lenders. The amendment reprices Waystar’s term loan and increases its revolving credit facility.Under the amended agreement, the term loan will now carry a reduced interest rate of adjusted SOFR +2.25%, down from the previous interest rate of adjusted SOFR +2.75%. In addition, Waystar will increase its revolving credit facility borrowing capacity to $400M, up from $342.5M , and lower the interest rate to adjusted SOFR +1.75%, compared to the previous interest rate of adjusted SOFR +2.25%. These changes are expected to reduce borrowing costs and generate interest expense savings for the company. The amendments follow Waystar’s successful initial public offering on June 7 with net proceeds used to reduce debt, as well as an earlier loan repricing on June 27.
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Read More on WAY:
- Waystar upgraded to Strong Buy from Outperform at Raymond James
- Waystar price target raised to $34 from $31 at Deutsche Bank
- Waystar price target raised to $34 from $31 at RBC Capital
- Waystar price target raised to $36 from $30 at Canaccord
- Waystar price target raised to $36 from $32 at Barclays
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