CHICAGO, June 14, 2021 /PRNewswire/ -- GoHealth,
Inc. (GoHealth) (NASDAQ: GOCO), a leading health insurance
marketplace and Medicare-focused digital health company, announced
today that it had refinanced $296
million of its outstanding term loan. The Company's amended
credit facility lowers the interest rate to 4% and reduces the
Company's annual borrowing costs by over $7
million.
This amended facility also reduces the borrowing costs of the
Company's recently upsized revolver to 4%, with all $200 million available as of the end of
May 31, 2021.
All other material terms of these debt instruments remain
unchanged.
Travis Matthiesen, GoHealth's CFO
said, "As the leading Medicare marketplace, we enjoy strong access
to favorable debt financing to fund our growth and seasonal working
capital requirements. We remain bullish on our long-term growth
prospects in a buoyant Medicare market and are tracking well toward
another year of high-quality growth as we ramp our 2021 investments
into this year's Annual Enrollment Period."
About GoHealth, Inc.:
As a leading health insurance marketplace and Medicare-focused
digital health company, GoHealth's mission is to improve access to
healthcare in America. Enrolling in a health insurance plan can be
confusing for customers, and the seemingly small differences
between plans can lead to significant out-of-pocket costs or lack
of access to critical medicines and even providers. GoHealth
combines cutting-edge technology, data science and deep industry
expertise to match customers with the healthcare policy and carrier
that is right for them. Since its inception, GoHealth has enrolled
millions of people in Medicare and individual and family plans. For
more information, visit https://www.gohealth.com.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical facts contained
in this press release may be forward-looking statements. In some
cases, you can identify forward-looking statements by terms, such
as "may," "will," "should," "expects," "plans," "anticipates,"
"could," "intends," "targets," "projects," "contemplates,"
"believes," "estimates," "predicts," "potential" or "continue" or
the negative of these terms or other similar expressions.
Accordingly, we caution you that any such forward-looking
statements are not guarantees of future performance and are subject
to risks, assumptions and uncertainties that are difficult to
predict. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable as of
the date made, actual results may prove to be materially different
from the results expressed or implied by the forward-looking
statements. There are or will be important factors that could cause
the Company's actual results to differ materially from those
indicated in these forward-looking statements, including, but are
not limited to, the following: the Company's ability to comply with
the numerous, complex and frequently changing laws regulating the
marketing and sale of Medicare plans; the potential for an adverse
change in the Company's relationships with carriers, including a
loss of a carrier relationship; failure to grow the Company's
customer base or retain its existing customers; carriers' ability
to reduce commissions paid to the Company and adversely change
their underwriting practices; significant consolidation in the
healthcare industry which could adversely alter the Company's
relationships with carriers; information technology systems
failures or capacity constraints interrupting the Company's
operations; factors that adversely impact the Company's estimate of
LTV; the Company's dependence on agents to sell insurance plans;
changes in the health insurance system and laws and regulation
governing health insurance markets; the inability to effectively
advertise the Company's products; and our ability to successfully
implement our business plan during a global economic downturn
caused by the COVID-19 pandemic.
The foregoing factors should not be construed as exhaustive and
should be read together with the other cautionary statements
included in this press release, as well as the cautionary
statements and other risk factors set forth in the Company's Annual
Report on Form 10-K for the year ended December 31, 2020 and other SEC filings. If one
or more events related to these or other risks or uncertainties
materialize, or if the Company's underlying assumptions prove to be
incorrect, actual results may differ materially from what the
Company anticipates. Many of the important factors that will
determine these results are beyond the Company's ability to control
or predict. Accordingly, you should not place undue reliance on any
such forward-looking statements. Any forward-looking statement
speaks only as of the date on which it is made, and, except as
otherwise required by law, the Company does not undertake any
obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise. New factors emerge from time-to-time,
and it is not possible for us to predict which will arise. In
addition, the Company cannot assess the impact of each factor on
its business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements.
Contacts:
Investor Relations, IR@gohealth.com
Media Relations, pressinquiries@gohealth.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/gohealth-amends-credit-agreement-301311917.html
SOURCE GoHealth, Inc.