Aveanna Healthcare Holdings, Inc. 8-K

What Happened
Aveanna Healthcare Holdings, Inc. (through subsidiary Aveanna Healthcare LLC) filed an 8-K reporting a thirteenth amendment to its First Lien Credit Agreement entered May 26, 2026, that reprices and refinances its senior secured facilities. The amendment refinanced the outstanding senior secured term loans with new 2026 Term Loans totaling $1,318,375,000 and replaced the existing $250,000,000 revolving credit facility with a new $250,000,000 revolving credit commitment. The company announced the amendment via press release on May 28, 2026.

Key Details

• Amendment effective May 26, 2026, to the First Lien Credit Agreement originally dated March 16, 2017.
• 2026 Term Loans: aggregate principal $1,318,375,000.
• Revolving facility: $250,000,000 committed revolver (2026 Refinancing Revolving Credit Facility).
• Interest: Borrower may choose Term SOFR + 3.25% or base rate + 2.25% on both term loans and revolver; revolver margins subject to adjustment based on Consolidated First Lien Net Leverage Ratio.
• Repricing yields an immediate 0.50% reduction in applicable interest-rate margins; an additional 0.25% reduction is available if the borrower attains at least a B2 or B rating from certain agencies.
• Other material terms of the existing credit agreement were not materially changed.

Why It Matters
This amendment lowers Aveanna’s borrowing margins, which should reduce interest costs on its senior secured debt and improve near‑term cash flow flexibility. The refinancing locks in current loan and revolver amounts ($1.318B term loans and $250M revolver), affecting the company’s liquidity and leverage profile. The additional margin cut tied to credit ratings provides an incentive and potential future savings if the company’s credit metrics improve.