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)--Modivcare Inc. (the “Company” or “Modivcare”) (Nasdaq: MODV), a technology-enabled healthcare services company providing a platform of integrated supportive care solutions focused on improving health outcomes, today announced key initiatives to support future growth. The Company has secured $75 million in incremental financing, backed by stakeholders across the capital structure, and appointed Chad Shandler as its Chief Transformation Officer.

)--Modivcare Inc.（以下简称“公司”或“Modivcare”）（纳斯达克股票代码：MODV）是一家以技术为基础的医疗保健服务公司，提供以改善健康状况为重点的综合支持性护理解决方案平台，今天宣布了支持未来增长的关键举措。。

An existing investor, Coliseum Capital Management, has also committed $30 million to purchase new second lien senior notes due 2029, subject to a stockholder vote. As part of the financing agreement, revolving lenders have agreed to amend the Company’s existing credit agreement in order to, among other things, provide covenant relief.

现有投资者竞技场资本管理公司（Coliseum Capital Management）也承诺斥资3000万美元购买2029年到期的新的第二留置权优先票据，但须经过股东投票。作为融资协议的一部分，循环贷款人已同意修改公司现有的信贷协议，以提供契约救济。

The Company will also bolster its board of directors (the “Board”) with the addition of three new independent directors to be appointed in the coming months. These initiatives, along with a strategic review of its assets that the Company is pursuing with its advisors, are intended to strengthen the Company’s financial foundation, enhance operational performance and best position Modivcare for a future of sustainable growth..

该公司还将在未来几个月内任命三名新的独立董事，以加强其董事会（“董事会”）。这些举措，以及公司与其顾问对其资产进行的战略审查，旨在加强公司的财务基础，提高运营绩效和最佳地位，以实现可持续增长的未来。。

“This financing highlights broad-based support from stakeholders across the capital structure and provides the Company with additional resources to focus on long-term strategic priorities,” said Heath Sampson, Chief Executive Officer and President of Modivcare. “As we turn to the future, we are also excited to welcome Chad Shandler as Chief Transformation Officer.

Modivcare首席执行官兼总裁希思·桑普森（HeathSampson）表示：“此次融资突出了整个资本结构中利益相关者的广泛支持，并为公司提供了额外资源，以专注于长期战略优先事项。”。“在我们展望未来之际，我们也很高兴欢迎查德·桑德勒（ChadShandler）担任首席转型官。

He brings a wealth of experience supporting large-scale transformations across the healthcare industry. I’m looking forward to working with him, the Board and our financial partners to advance Modivcare’s strategic goals.”.

他拥有丰富的经验，支持整个医疗保健行业的大规模转型。我期待着与他、董事会和我们的财务合作伙伴合作，推进Modivcare的战略目标。”。

“The steps Modivcare is taking now to transform its business will ensure the Company is well positioned to connect people with the care they need, now and in the future,” said Leslie Norwalk, Interim Chair of the Board. “We and the leadership team have worked diligently to strengthen the Company’s financial foundation and remain focused on improving the Company’s operational performance with a view toward long-term growth.”.

董事会临时主席莱斯利·诺沃克（LeslieNorwalk）表示：“Modivcare目前正在采取的业务转型措施将确保公司处于有利地位，能够在现在和未来为人们提供所需的护理。”。“我们和领导团队一直在努力加强公司的财务基础，并继续专注于提高公司的经营业绩，以实现长期增长。”。

“We are pleased to be able to provide this incremental financing to Modivcare, which will bolster its balance sheet and position the Company to achieve its long-term strategic priorities and deliver value to its stakeholders,” said a representative of the supporting lenders. “Modivcare plays a critical role in the country’s healthcare network with an important mission to connect people to care, wherever they are.

“我们很高兴能够向Modivcare提供这种增量融资，这将巩固其资产负债表，使公司能够实现其长期战略优先事项，并为利益相关者带来价值，”支持贷款人的一位代表表示。“Modivcare在该国的医疗保健网络中起着至关重要的作用，它的重要使命是将人们与护理联系起来，无论他们身在何处。

As we continue to work with Modivcare’s leadership team and the Board, our goals are aligned in ensuring the Company is well positioned to continue to support its members nationwide.”.

随着我们继续与Modivcare的领导团队和董事会合作，我们的目标是一致的，以确保公司能够继续在全国范围内支持其成员。”。

Transaction Details

交易详细信息

Modivcare has raised $105 million in additional financing from stakeholders across its capital structure as a $75 million incremental term loan under its existing credit agreement and, subject to a stockholder vote, $30 million of new Second Lien Senior Secured PIK Toggle Notes due 2029 (the “Second Lien Notes”).

Modivcare已从其资本结构的利益相关者处筹集了1.05亿美元的额外融资，作为其现有信贷协议项下的7500万美元增量定期贷款，并经股东投票，于2029年到期的3000万美元新的第二留置权高级担保PIK-Toggle票据（“第二留置权票据”）。

The financing will provide Modivcare with additional liquidity to support its strategic initiatives. It will bolster the Company’s financial position, allowing the Company to continue operating to its same high level of service for members, while positioning the Company to meet its long-term strategic goals and maximize shareholder value..

融资将为Modivcare提供额外的流动性，以支持其战略举措。它将巩固公司的财务状况，使公司能够继续为成员提供同样高水平的服务，同时使公司能够实现其长期战略目标并最大限度地实现股东价值。。

The incremental term loan was priced at SOFR + 750 bps, with 1.00% SOFR Floor (no CSA) with a maturity of January 10, 2026 (the “Maturity Date”) and OID of 2 points. The Company has the option to prepay the incremental term loan, in whole or in part, at any time prior to its maturity, subject to a prepayment fee equal to the present value of all scheduled interest payments on the fully committed amount that would accrue through the Maturity Date calculated based on a discount rate equal to the treasury rate plus 50 basis points.

增量定期贷款的定价为SOFR+750个基点，SOFR下限为1.00%（无CSA），到期日为2026年1月10日（“到期日”），OID为2点。本公司有权在到期前的任何时间全部或部分提前偿还增量定期贷款，提前还款费用等于全额承诺金额的所有预定利息支付的现值，该金额将在到期日累积，该金额基于等于国库利率加50个基点的贴现率计算。

The Company’s existing credit agreement was also amended in connection with such financing with consenting lenders receiving a customary consent fee, payable-in-kind..

该公司现有的信贷协议也因此类融资而进行了修订，同意贷款人收到了通常的同意费，以实物支付。。

The Company's existing credit agreement was amended to, among other things, replace the pricing grid in respect of revolving loans with pricing set at SOFR + 425 bps, with a 1.00% SOFR Floor, change the 2% default rate so that it applies on all obligations upon an event of default, amend the term loan maturity date to spring to July 2, 2029 if the Second Lien Notes remain outstanding as of such date, include enhanced reporting requirements and eliminate or reduce certain baskets for a period of time, including eliminating reinvestment rights with respect to certain asset sales and reduction of the de minimis exception for certain asset sale prepayments to $5,000,000..

公司现有的信贷协议进行了修订，除其他事项外，将循环贷款的定价网格替换为SOFR+425个基点的定价，SOFR下限为1.00%，更改2%的违约率，以便在发生违约事件时适用于所有债务，如果第二留置权票据截至2029年7月2日仍未偿还，则将定期贷款到期日修改为2029年7月2日，包括加强报告要求，并在一段时间内取消或减少某些篮子，包括取消某些资产销售的再投资权，并将某些资产销售预付款的最低例外情况减少至500万美元。。

The Company’s existing lenders have agreed to provide financial covenant relief in the form of (i) a covenant holiday with respect to the maximum net leverage ratio and interest coverage ratio from Q4 2024 through and including Q2 2025, (ii) resetting the maximum total net leverage ratio covenant to 6.75:1.00 for the third fiscal quarter of 2025 and the fourth fiscal quarter of 2025 and (iii) resetting the minimum interest coverage ratio to 1.65:1.00 for the third fiscal quarter of 2025 and the fourth fiscal quarter of 2025.

公司现有贷款人已同意以以下形式提供财务契约减免：（i）2024年第四季度至2025年第二季度（包括2025年第二季度）的最大净杠杆率和利息保障率的契约假期；（ii）将2025年第三财季和2025年第四财季的最大总净杠杆率契约重置为6.75:1.00；（iii）将2025年第三财季和2025年第四财季的最低利息保障率重置为1.65:1.00。

The Company’s lenders have also agreed to reduce the minimum liquidity covenant from $75 million to $25 million, which will be tested each week through the week ending April 11, 2025, each month through the month ending June 30, 2025 and, thereafter, each fiscal quarter. In addition, the Company will be subject to a cash variance compliance test with respect to aggregate disbursements and aggregate receipts, subject to customary cures..

该公司的贷款人还同意将最低流动性契约从7500万美元降低至2500万美元，该契约将在截至2025年4月11日的一周内每周进行测试，在截至2025年6月30日的一个月内每月进行测试，然后在每个财政季度进行测试。此外，公司将接受现金差异合规性测试，涉及总支出和总收入，并遵循惯例。。

Pursuant to the amended credit agreement, upon the receipt of requisite consents to make certain amendments to the indenture governing the Company’s 5.000% Senior Notes due 2029 (the “Senior Notes”), the Company will exchange $251 million in aggregate principal amount of Senior Notes held by certain lenders party to the Company’s amended credit agreement for $251 million in aggregate principal amount of Second Lien Notes, pursuant to the terms and subject to the conditions set forth in an exchange agreement, entered into between the Company and participating lenders.

根据修订后的信贷协议，在收到对公司2029年到期的5.000%优先票据（以下简称“优先票据”）契约进行某些修订的必要同意后，公司将根据公司与参与贷款人之间签订的交换协议中的条款和条件，将公司修订后的信贷协议中某些贷款人方持有的优先票据本金总额2.51亿美元兑换为第二留置票据本金总额2.51亿美元。

Interest on the Second Lien Notes will be, at the Company’s option, 5% per annum if paid in cash and 10% per annum if paid-in-kind, provided if the Company’s liquidity is greater than a to-be-determined threshold, the Company will be required to pay interest in cash..

如果以现金支付，公司可选择第二留置权票据的利息为每年5%，如果以实物支付，则为每年10%。如果公司的流动性大于待确定的阈值，则公司将被要求以现金支付利息。。

In addition, the Company entered into a purchase and exchange agreement with clients of Coliseum Capital Management pursuant to which Coliseum has agreed to purchase $30 million in aggregate principal amount of Second Lien Notes at a purchase price equal to 100% of the principal amount thereof plus any accrued and unpaid interest thereto from, and including, October 1, 2024 to, but excluding, the date of issuance of such Second Lien Notes and to exchange approximately $20 million in aggregate principal amount of Senior Notes for a like amount of Second Lien Notes.

此外，公司与Coliseum Capital Management的客户签订了购买和交换协议，根据该协议，Coliseum同意以等于本金加上2024年10月1日（包括2024年10月1日）至（但不包括）该第二留置权票据发行日期的任何应计未付利息的100%的购买价格购买总本金3000万美元的第二留置权票据，并将总本金约2000万美元的高级票据交换为类似金额的第二留置权票据。

The transaction with Coliseum is subject to approval of 66-2/3% of the Company’s stockholders other than Coliseum under Delaware General Corporation Law Section 203 because Coliseum owns more than 15% of the Company’s common stock. The Company intends to seek such stockholder approval at a special stockholder meeting to be held in the first quarter of 2025..

根据《特拉华州普通公司法》第203节的规定，与竞技场的交易需要获得除竞技场以外的66-2/3%的公司股东的批准，因为竞技场拥有公司15%以上的普通股。公司打算在2025年第一季度举行的特别股东会议上寻求此类股东的批准。。

Modivcare was advised in the transaction by Kirkland & Ellis LLP, Moelis & Company, and FTI Consulting.

Modivcare在交易中由Kirkland＆Ellis LLP、Moelis＆Company和FTI Consulting担任顾问。

Transformation

转型

As part of Modivcare’s efforts to drive strategic and operational excellence, Chad Shandler, Senior Managing Director and Co-Leader of the Corporate Finance Healthcare practice at FTI Consulting, has been appointed as Chief Transformation Officer. This newly created role will focus on strengthening Modivcare in the near and long term and supporting the transformation of the Company via strategic divestitures or other potential initiatives.

。这个新创建的角色将侧重于在近期和长期加强Modivcare，并通过战略剥离或其他潜在举措支持公司转型。

Mr. Shandler has more than 30 years of experience in executing on strategic and financial plans and has previously served in executive and advisory roles on behalf of a number of companies across the healthcare space. He will focus on advancing key strategic priorities and enhancing operational efficiencies for Modivcare..

Shandler先生在执行战略和财务计划方面拥有30多年的经验，之前曾代表医疗保健领域的多家公司担任高管和顾问职务。他将专注于推进关键战略优先事项，提高Modivcare的运营效率。。

Modivcare has also engaged advisors to conduct a strategic review of its assets to maximize shareholder value, which may include the potential sale of assets of the Company. There is no assurance that this review will result in a transaction, nor can the Company provide certainty on timing or outcomes..

Modivcare还聘请顾问对其资产进行战略审查，以最大限度地实现股东价值，其中可能包括出售公司资产。。。

Guidance

指导

The Company has withdrawn its previously stated revenue and adjusted EBITDA guidance for fiscal year 2024 and adjusted EBITDA growth for fiscal year 2025 and related forward-looking statements due to changes in the business and overall environment.

由于业务和整体环境的变化，该公司已撤销其之前声明的2024财年收入和调整后的息税折旧摊销前利润指导，并调整了2025财年的息税折旧摊销前利润增长率以及相关的前瞻性报表。

About Modivcare

关于Modivcare

Modivcare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. Our value-based solutions address the social determinants of health (SDoH) by connecting members to essential care services.

Modivcare Inc.是一家技术支持的医疗保健服务公司，为公共和私人付款人及其成员提供一套综合支持性护理解决方案。我们基于价值的解决方案通过将成员与基本保健服务联系起来，解决了健康的社会决定因素（SDoH）。

By doing so, Modivcare helps health plans manage risks, reduce costs, and improve health outcomes. Modivcare is a provider of non-emergency medical transportation (NEMT), personal care services (PCS), and remote patient monitoring solutions (RPM). The Company also holds a minority equity investment in CCHN Holdings (d/b/a Matrix Medical Network), an independent, at scale provider of comprehensive in-home health assessments in the U.S.

。Modivcare是非紧急医疗运输（NEMT）、个人护理服务（PCS）和远程患者监测解决方案（RPM）的提供商。该公司还持有CCHN Holdings（d/b/a Matrix Medical Network）的少数股权投资，CCHN Holdings是美国一家独立的大规模综合家庭健康评估提供商。

To learn more about Modivcare, please visit .

要了解有关Modivcare的更多信息，请访问。

www.modivcare.com

www.modivcare.com

.

.

Important Information for Investors and Shareholders

投资者和股东的重要信息

This press release does not constitute an offer to sell or the solicitation of an offer to buy or exchange any securities or a solicitation of any vote or approval in any jurisdiction.

本新闻稿不构成在任何司法管辖区内出售或招揽购买或交换任何证券的要约或招揽任何投票或批准的要约。

In connection with the proposed transaction between the Company and Coliseum Capital Management, the Company intends to file relevant materials with the Securities and Exchange Commission (the “

关于本公司与竞技场资本管理公司之间的拟议交易，本公司打算向证券交易委员会（以下简称“证券交易委员会”）提交相关材料

SEC

证券交易委员会

”), including, among other filings, a definitive proxy statement, which will be mailed to stockholders of the Company. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

”），其中包括一份最终委托书，该委托书将邮寄给公司股东。敦促公司投资者和证券持有人仔细阅读委托书和其他文件，因为这些文件将包含重要信息，因此当这些文件可用时，将向SEC提交完整的文件。

Investors and security holders will be able to obtain free copies of the proxy statement (when available) and other documents filed with the SEC by the Company through the website maintained by the SEC at .

投资者和证券持有人将能够通过美国证券交易委员会（SEC）维护的网站免费获得公司向SEC提交的委托书（如有）和其他文件的副本。

http://www.sec.gov

http://www.sec.gov

. Copies of the documents filed with the SEC by the Company will be available free of charge on the Company’s website at investors.modivcare.com under the tab “SEC Filings” and under the heading “Financials.”

。公司向SEC提交的文件副本将在公司网站investors.modivcare.com的“SEC备案”选项卡和“财务”标题下免费提供

Certain Information Regarding Participants

The Company and its directors and executive officers may be considered participants in the solicitation of proxies from the shareholders of the Company in connection with the Company’s proposed transaction with Coliseum Capital Management. Information about the directors and executive officers of the Company is set forth in its Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 26, 2024, its proxy statement for its 2024 annual meeting, which was filed with the SEC on April 29, 2024, and its Current Reports on Form 8-K, which were filed with the SEC on May 10, 2024, May 22, 2024, December 13, 2024 and December 26, 2024.

本公司及其董事和执行官可能被视为本公司股东就本公司与竞技场资本管理的拟议交易征集代理人的参与者。公司董事和高管的信息载于截至2023年12月31日的10-K表格年度报告（于2024年2月26日提交给美国证券交易委员会）、2024年4月29日提交给美国证券交易委员会的2024年年度会议委托书以及2024年5月10日、2024年5月22日、2024年12月13日和2024年12月26日提交给美国证券交易委员会的8-K表格当前报告。

To the extent holdings of the Company’s securities by its directors or executive officers have changed since the amounts set forth in such filings, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC.

如果董事或高级管理人员持有的公司证券自此类备案文件中规定的金额以来发生了变化，则此类变化已经或将反映在向美国证券交易委员会提交的表格3中的初始实益所有权声明或表格4中的实益所有权声明中。

Information about the directors and executive officers of the Company and other information regarding the potential participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC regarding the proposed transaction.

有关公司董事和执行官的信息，以及有关委托书征集潜在参与者的其他信息，以及通过证券持有或其他方式对其直接和间接利益的描述，将包含在委托书和其他有关拟议交易的相关材料中。

You may obtain these documents (when they become available) free of charge through the website maintained by the SEC at .

您可以通过SEC维护的网站免费获得这些文件（当它们可用时）。

http://www.sec.gov

http://www.sec.gov

and from the Company’s website as described above.

以及上述公司网站。

Cautionary Note Regarding Forward-Looking Statements

关于前瞻性声明的注意事项

Statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are predictive in nature and are identified generally by the use of the terms “intended”, “expected”, “estimates”, “will”, and “anticipates”, and similar words or expressions indicating possible future expectations, events or actions.

本新闻稿中的声明构成1995年《私人证券诉讼改革法案》所指的“前瞻性声明”。这些陈述具有预测性，通常通过使用“预期”、“预期”、“估计”、“将”和“预期”等术语以及表示未来可能的预期、事件或行动的类似词语或表达来识别。

The Company’s expectation about reaching a mutually agreeable long-term amendment to the Credit Agreement is a forward-looking statement. Forward-looking statements are based on current expectations, assumptions, estimates and projections about the Company’s business and its industry, and are not guarantees of future performance.

公司对达成双方同意的信贷协议长期修正案的期望是一项前瞻性声明。前瞻性陈述基于当前对公司业务及其行业的预期、假设、估计和预测，并不能保证未来的业绩。

These statements are subject to a number of known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s ability to control or predict, which may cause actual events to be materially different from those expressed or implied herein. The Company has provided additional information about the risks facing its business and the Company in its most recent annual report on Form 10-K, and in its subsequent periodic and current reports on Forms 10-Q and 8-K, filed by it with the Securities and Exchange Commission.

这些声明受到许多已知和未知风险、不确定性和其他因素的影响，其中许多因素超出了公司的控制或预测能力，这可能导致实际事件与本文明示或暗示的事件有重大差异。公司已在其最近的10-K表年度报告以及随后的10-Q和8-K表定期和最新报告中，向美国证券交易委员会提交了有关其业务和公司面临风险的更多信息。

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made and are expressly qualified in their entirety by the cautionary statements set forth herein and in the periodic and current reports filed with the Securities and Exchange Commission identified above, which you should read in their entirety before making an investment decision with respect to the Company’s securities.

我们提醒您不要过度依赖这些前瞻性声明，这些声明仅在声明做出之日起生效，并且在本声明以及上述提交给证券交易委员会的定期报告和当前报告中明确限定了这些前瞻性声明的完整性，您应在就公司证券做出投资决策之前完整阅读这些前瞻性声明。

The Company undertakes no obligation to update or r.

公司不承担更新或r的义务。