Performant Financial Corporation Announces Completion of Debt Refinancing
November 01 2023 - 4:05PM
Business Wire
Performant Financial Corporation (Nasdaq: PFMT) (Performant),
primarily operating as Performant Healthcare Solutions, a leading
provider of technology-enabled payment integrity, eligibility, and
related analytics services, announced today the completion of a
refinancing of its existing credit facility with a new credit
facility with Wells Fargo that has a $25 million revolving loan
commitment, subject to customary asset-based loan borrowing base
limitations. The Company may also increase commitments under the
new credit facility by an additional $10 million, subject to
obtaining commitments from lenders and subject to certain other
conditions.
“We are excited about this new commitment from Well Fargo and
the anticipated savings of up to 100 basis points in interest
expense, combined with a smaller debt footprint,” said Simeon Kohl,
CEO at Performant. “We see significant growth potential as we
implemented many new commercial clients in the last 24 months,
launched the CMS Region 2 Recovery Audit Contract, the Health and
Human Services Office of Inspector General contract and are
preparing to implement the New York State Medicaid Recovery Audit
contract. We expect this new debt structure to provide us with
working capital liquidity to support our long-term vision,
including the ability to pursue meaningful commercial and
government healthcare payment integrity opportunities. We are
excited about the direction of the business, our many opportunities
and our new partnership with Wells Fargo.”
“The opportunity to refinance our debt structure has been a key
piece of our 2023 financial accomplishments” said Rohit
Ramchandani, CFO at Performant. “This new credit agreement will
help us continue to manage our business with long-term growth in
mind and to further penetrate the significant opportunity we have
in the healthcare payment integrity space.”
ABOUT PERFORMANT HEALTHCARE SOLUTIONS
Performant helps commercial healthcare and government payers
enhance revenue and contain costs by identifying, preventing, and
recovering waste, improper payments, and defaulted assets.
Performant is a leading provider of these services in several
markets, including Medicare, Medicaid, and commercial healthcare.
Performant has been providing healthcare recovery audit services
for more than a decade and works with leading national payers,
regional payers, and Blues plans.
Powered by a proprietary analytics platform and workflow
technology, Performant also provides professional services related
to the recovery effort, including advanced reporting capabilities,
support services, customer care, and stakeholder training programs
meant to mitigate future instances of improper payments. Founded in
1976, Performant is headquartered in Plantation, Florida.
To learn more about Performant, please visit
https://www.performantcorp.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101984585/en/
Jon Bozzuto, Investor Relations Performant Financial Corporation
(925) 960-4988 investors@performantcorp.com
Performant Financial (NASDAQ:PFMT)
Historical Stock Chart
From Apr 2024 to May 2024
Performant Financial (NASDAQ:PFMT)
Historical Stock Chart
From May 2023 to May 2024