Cotiviti Holdings, Inc. Announces Completion of Credit Facility Amendment
ATLANTA—April 7, 2017 (BUSINESS WIRE)—Cotiviti Holdings, Inc. (NYSE:COTV) (“Cotiviti”), a leading payment accuracy provider to the healthcare and retail industries, announced today that its subsidiary, Cotiviti Corporation, successfully amended the terms of its existing $547.3 million secured term B loan facility. The new terms include a reduction in the spread over LIBOR from 2.75% to 2.50% and the LIBOR floor from 0.75% to zero. With the exception of pricing, the amended credit agreement is substantially similar to Cotiviti’s previous credit agreement.
“We are very pleased with the new terms of our credit facility term B loan and the ability to improve our financial flexibility,” said Steve Senneff, Chief Financial Officer of Cotiviti. “With the reduction in interest rate spread at current prevailing interest rates, we will reduce interest expense approximately $1.4 million on an annualized basis.”
JPMorgan Chase Bank, N.A., SunTrust Robinson Humphrey, Inc., Goldman Sachs Bank USA, Barclays Bank PLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding, Inc. and RBC Capital Markets, LLC acted as Joint Lead Arrangers and the Joint Bookrunners on the transaction.
Cotiviti is a leading payment accuracy provider that helps healthcare payers and retailers achieve their business objectives by unlocking value from the incongruities the company discovers in the complex interactions customers have with stakeholders. Cotiviti helps clients capture over $3.7 billion annually through improved payment accuracy. Cotiviti provides services to twenty of the top twenty-five U.S. healthcare payers and eight of the top ten U.S. retailers.
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Cotiviti Holdings, Inc.
Jennifer W. DiBerardino, 203-642-0718
Vice President, Investor Relations