Accendra Health launches debt exchange offer for $1 billion in notes

Accendra Health Inc. (NYSE: ACH) announced it has commenced exchange offers for all outstanding 4.500% Senior Notes due 2029 and 6.625% Senior Notes due 2030, totaling approximately $1.03 billion in aggregate principal amount.

The company is offering holders the opportunity to exchange existing notes for newly issued 9.000% Senior Secured First Lien Notes due 2032 and 9.750% Senior Secured Second Lien Notes due 2033. The exchange consideration varies based on participation level and timing, with early participants receiving more favorable terms.

In connection with the exchange offer, Accendra Health is also issuing $326.25 million in new First Lien Notes for cash. Holders of 2029 Notes who participate in this cash offering will receive both First Lien and Second Lien Notes in exchange for their existing securities.

The company entered into a commitment agreement on May 11, 2026, with certain existing noteholders and lenders who have agreed to tender approximately all outstanding 2029 Notes and about 83% of outstanding 2030 Notes. These commitment parties have also agreed to purchase $261 million of the new First Lien Notes and provide backstop support for an additional $65.25 million.

The exchange offers and related consent solicitations will expire at 5:00 P.M. Eastern Time on June 22, 2026, unless extended. To receive early exchange consideration, holders must tender their notes by June 9, 2026. The company is also seeking consent from noteholders to eliminate substantially all affirmative and negative covenants in the existing note indentures.

The new notes have not been registered under the Securities Act of 1933 and are only being offered to qualified institutional buyers and non-U.S. persons. Epiq Corporate Restructuring serves as exchange agent and information agent for the transaction.

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