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Get filing alertsAccendra Health completes $1B+ debt exchange, raises $326M new money with 99%+ creditor support
Filed June 25, 2026 · Period ending June 23, 2026 · ~1 min read
Key Changes
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high
Creditors tendered $478.3M (99.9%) of 2029 Notes and $548.0M (99.2%) of 2030 Notes, demonstrating near-unanimous support for the restructuring.
Exhibit 99.1 view on EDGAR → -
high
Company issued $213.0M First Lien Notes and $698.1M Second Lien Notes in exchange for tendered debt, replacing ~$1.03B unsecured obligations with secured structure.
Exhibit 99.1 view on EDGAR → -
high
Raised $326.25M in new money through additional First Lien Notes issuance, bringing total First Lien Notes to $539.25M and providing fresh liquidity.
Exhibit 99.1 view on EDGAR →
Summary
Accendra Health executed a comprehensive debt restructuring, exchanging over $1 billion of existing unsecured senior notes for a new secured capital structure. The 99%+ acceptance rate across both the 2029 and 2030 note series signals overwhelming creditor confidence in the company's refinancing plan. The restructuring replaces unsecured debt with a two-tier secured structure: $539.25 million in First Lien Notes (including $326.25 million in new money) and $698.1 million in Second Lien Notes.
For equity holders, this transaction materially alters the capital structure by introducing secured debt ahead of equity in the priority stack, but it also provides $326 million in fresh liquidity to fund operations or growth initiatives. The near-complete creditor participation suggests the terms were attractive enough to avoid a contested restructuring, reducing near-term refinancing risk. The shift from unsecured to secured debt typically reflects tighter credit conditions or elevated leverage, making the company's ability to service this new structure a key watch item going forward.
Section-by-Section Diff
Event · Exhibit 99.1
Accendra Health completed debt exchange offers, tendering 99%+ of existing notes for new first and second lien notes plus $326M new money.
Added in current filing · verify on EDGAR →
As of 5:00 P.M., New York City time, on June 23, 2026 (the “Expiration Time”), the Company received from Eligible Holders valid and unwithdrawn tenders and related Consents (as defined below), as reported by Epiq Corporate Restructuring, LLC (the “Exchange Agent” and “Information Agent”), representing approximately $478.3 million and $548.0 million in aggregate principal amount of 2029 Notes and 2030 Notes, respectively, or approximately 99.9% and 99.2% of the aggregate principal amount of 2029 Notes and 2030 Notes outstanding at the launch of the Exchange Offers, respectively.
The company successfully completed exchange offers for its existing 4.500% Senior Notes due 2029 and 6.625% Senior Notes due 2030. Holders tendered approximately $478.3 million (99.9%) of the 2029 Notes and $548.0 million (99.2%) of the 2030 Notes. This near-complete participation indicates broad creditor support for the restructuring.
Added in current filing · verify on EDGAR →
In connection with the Exchange Offers, the Company issued or expects to issue a total of: (i) $213.0 million in aggregate principal amount of First Lien Notes and (ii) $698.1 million in aggregate principal amount of Second Lien Notes, in exchange for the validly tendered and accepted Existing Notes, and issued $326.25 million in aggregate principal amount of First Lien Notes in the New Money Notes Issuance, for a total of $539.25 million First Lien Notes.
The company issued $213.0 million of First Lien Notes and $698.1 million of Second Lien Notes in exchange for the tendered existing notes. Additionally, the company raised $326.25 million in new money through a separate First Lien Notes issuance, bringing total First Lien Notes to $539.25 million. This restructuring replaces approximately $1.03 billion of existing unsecured debt with a new capital structure that includes both secured first and second lien debt, plus new liquidity.
Event · Item 8.01 — Other Events
Accendra Health announced expiration and final results of exchange offers and consent solicitations.
Added in current filing · verify on EDGAR →
On June 23, 2026, the Company issued a press release announcing the expiration and final results of the Exchange Offers and Consent Solicitations
The company disclosed the completion of exchange offers and consent solicitations. The 8-K references a press release (Exhibit 99.1) and an Explanatory Note for final settlement details, but the body text does not provide specifics on acceptance rates, amounts tendered, or terms. Without the exhibit content, the material impact cannot be assessed.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 26, 2026 · How we verify